N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Volume: 107 No.193MONDAY, JULY 18, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER PARTLY SUNNY HIGH 91F LOW 79F By AVA TURNQUEST Tribune Staff Reporter a email@example.com THE FATAL shooting of 2 0-year-old aspiring photog rapher shocked loved ones and residents who lamented the senseless nature of the h omicide yesterday. According to police, Shavado Simmons was gunned down by a robber at an apart ment complex off Charles W Saunders highway shortly before 3pm. Preliminary reports indicate a man armed with a handgun entered the unit and robbed Mr Simmons and another man, who relatives claim is a close friend. It is unclear at this time whether anything was taken from the apartment. Armed with a handgun, the robber shot Mr Simmons' about the body, but left his friend unharmed. Residents of the area confirmed they heard two guns hots, however police did not releasing any further details. One resident said: "This is a p retty average area. My child ren are in shock, I'm in shock they heard it just like me. This country is gone, Id on't know how to protect my children from seeing these things. I guess what won't kill t hem will only make them stronger. Anyone can just get a gun, and go out and shoot people up. Everything is fear. What do we have to do next, go in your house and barricade it all up? There's so much fear, how can you protect your children from witnessing this?" At yesterdays scene, Sgt Chrislyn Skippings, police press liaison officer, advised Bahamians to step up their level of awareness. 20-year-old is shot dead in apar tment TRY OUR McFLURRY SNICKERS The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM www.rbcroyalbank.com/caribbean The Lion & Globe symbol and RBC are registered trademarks of Royal Bank of Canada. RBC FINCO puts the MORE in Mortgage BLOCKBUSTER MORTGAGE SPECIALStill renting? With our special low rates*, you can get the mortgage you need and make your move today,PLUS enter to WIN $7,500!Contact your nearest RBC FINCO branch for more information. Offer ends July 31, 2011. *Special conditions apply. Senseless killing shocks community N EIGHBOURING prope rty owners are irate at the g overnments announcem ent to give squatters first preference to land in a new subdivision that will be developed at Mackey Yard, according to Dr Kendal Major, PLP candidate for the Garden Hills ConRESIDENTS IRATE AT PLAN TO GIVE SQUATTERS FIRST PREFERENCE ON MACKEY YARD SUBDIVISION SEE page 12 THEWINNER: Miss Texas Danielle Doty was crowned Miss Teen USA on Saturday night as Atlantis hosted the pageant finale for the fourth consecutive year. Miss Universe organ isers said the web stream of the event attracted approximately 150,000 viewers this year, well up from last years 45,000 last year. SEEPAGETWO Photos: (above Tim Clarke /Tribune staff, (inset Tim Aylen HUGE AUDIENCE W A TCHES MISS TEEN USA CROWNED IN THE BAHAMAS GRAND Bahama and Abaco were last night placed under a tropical storm warn ing as Tropical Storm Bret was expected to dump up to two inches of rain on the northwestern Bahamas. Tropical Depression 2 formed in the Atlantic near the northern Bahamas, and By NOELLE NICOLLS Tribune Staff Reporter firstname.lastname@example.org ACCOUNTING professionals are questioning whether the Auditor Gen erals department is being pressured to ease off the Education Loan Authority for political reasons. They fear the audit which has so far docu mented a number of ques tionable practices will never be completed. FEARS EDUC ATION LOAN AUTHORITY AUDIT WILL NEVER BE COMPLETED YET another accident involving a jet-ski has led to a tourist being seriously injured. The man, from Louisiana, was admitted to hospital on Saturday following the acci dent in waters west of Cab bage Beach. The incident occurred shortly after noon and involved a woman relative of the injured tourist. According to police, the woman was operating another jet ski and collided with the victim. The 42-year-old was taken T OURIS T SERIOUSL Y INJURED IN AN O THER JET-SKI ACCIDENT SEE page 12 SEE page 12 W.PALMBEACH FREEPORT NASSAU MIAMI SEE page 12 TR OPIC AL S TORMWARNING ASATELLITE image of Tropical Storm Bret. SEE page 11 JOHNMARQUISISBACK! ...and as controversial as ever COMINGWEDNESDAY
MISS Texas Danielle Doty t ook the crown of Miss Teen USA on Saturday night as Atlantis hosted the pageant finale for the fourth consecu t ive year. The event held at the Par adise Island resort was reporte dly attended by a record sellout crowd of 1,400 including Sir Sol Kerzner, US Ambas s ador Nicole Avant, as well as the reigning Miss Universe and the reigning Miss USA. According to Miss Universe o rganisers, the web stream of the finale attracted approximately 150,000 viewers this y ear compared to just 45,000 last year. Miss Teen USA has b ecome a staple on the cale ndar of Atlantis and the Bahamas. Each year the pageant e xceeds in the quality of its presentation. Atlantis and the Bahamas h ave become the ideal stage f or the giant step taken by these young women whose future will always be impacted by their stay here, said A tlantis representatives. The exposure for Atlantis and for the country is immeasurable. The residual impact c ontinues long after the guests and the contestants complete their week long stay. Nod oubt Atlantis and the Bahamas is a winner in the Miss Teen USAp ageant. Eighteen-year-old Danielle Doty from Harlingen,T exas, beat out contestants from the 49 o ther states to take the title fromr eigning M iss Teen USA Kamie Crawford ofM aryland. Allie LaForce, who won the p ageant in 2005, co-hosted the show with Las Vegas radio and television host Chet Buchanan. As part of the n ights entertainment, Miss Kentucky USA Kia Hampton sang a Better Be Ready,s ong which was written by R&B star Ne-Yo. As this year's win n er, Ms Doty will be given the oppor tunity to l ive in New York C ity as a student of The New Y ork F ilm Academy. MISS TEEN US A FINALE ATLANTIS ATTRACTS RECORD NUMBER OF VIEWERS LOCAL NEWS PAGE 2, MONDAY, JULY 18, 2011 THE TRIBUNE WINNER: MissTexas Danielle Doty. Photo/ Tim Aylen SCENESFROM Saturdays pageant, won by Miss Texas Danielle Doty. Tim Clarke /Tribune staff
LOCAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 3 By NOELLE NICOLLS Tribune Staff Reporter email@example.com OFFICIALS have called for the Education Loan A uthority board to be s crapped, claiming the e ntire organisation needs to be restructured and cleaned up. Two thirds of the debt managed by the ELA is in default, and Tribune s ources claim no one is k eeping a proper account o f the debt. T he ELA Act authorises the Governor-General by instrument in writing to revoke the appointment of any member of the ELA if he thinks it expedient so to do. A T ribune s ource claims t hat the proper structure is not in place at the ELA, a nd the board relationships are too personal; t oo friendly. Unless the Government deals with the problems, the source c laimed the loan scheme w ill continue to be a s ource of waste in the public sector. The organisation s hould be structured properly. There should be a finance officer in place that should sign off on any transaction that the chief administrative officer (CAO The CAO should not have the authority, even though the CAO is a sign atory, but it should not b e her and her personal s ecretary signing off. Problem It should be a financial officer that can review and justify where this is going, because if they are uncomfortable then they should h ave to be able to take it P OLICE are requesting t he publics help in locating two men wanted in connection with a shooting incident at Key West Street. According to police r eports, the incident o ccurred sometime around 12.30am yesterday at Cordeaux Avenue and Key West Street. The victim was shot in the thigh and was taken toh ospital by emergency m edical personnel where he remains in stable condition. Police are investigating and are appealing to memb ers of the public who may have any information r egarding this incident to contact police. FORMER Swedish model Elin Nordegren, who was thrust into the media spotlight during her marriage and then explosive d ivorce from professional golfer Tiger W oods, has reportedly found love again with an American businessman who is a resident of the Bahamas. H owever, the 31-year-olds new found hap piness may be marred a little when she finds out that her beau Jamie Dingman has been l inked to one of her ex-husbands mistresses, Rachel Uchitel, in the past. Mr Dingman is said to be a successful businessman and investor, and is the son of bil l ionaire Michael Dingman, president of Shipston Group Ltd, a diversified international holding company based in Nassau, Bahamas,s ince 1994. Jamie Dingman reportedly splits h is time between China and the Bahamas. Nordegren divorced the golf legend in August 2010, just months after it emerged that he had been involved in a number of extra-marital affairs, including with Uchitel who was often described as Woods numbero ne mistress. Nordegren and Woods have two children together, three-year-old Sam and two-yearold Charlie. The former model, who reportedly walked a way with $100 million as part of her divorce settlement, is said to have been dating Jamie Dingman for several months. A ccording to entertainment media reports, the two met at the Red Cross Ball in Florida in January. POLICE are asking the publics help in locating two men wanted for ques t ioning in connection with an armed robbery at the Texaco Service Station on Joe Farrington Road. The incident occurred sometime around 6.14pm on Saturday. A ccording to police reports, two men both of whom were allegedly a rmed with handguns entered the establishment demanding cash. The culprits robbed the gas station and an employee of an undetermined amount of money and fled the area north into the Pineyard Road area. Police are investigating and are appealing to members of the public who may have any information regarding this or any other matter to contact them at 911, 919, the Central Detective Unit at 502-9991/502-9910 or Crime Stoppers at 328TIPS. T W O MEN WANTED F OR QUES TIONING IN C ONNECTION WITH ARMED ROBBERY Call for the Education Loan Authority board to be scrapped D ESPITE assurances by the Bahamas Electrical C orporation (BEC there would be no more blackouts for New Provi d ence residents, the eastern part of the island yesterday afternoon experienced a short power outage. Residents of Sea Breeze contacted The Tribune y esterday afternoon complaining of yet another power cut. The power waso ff in the area for about an hour. Calls to BEC represent atives for more informat ion were not returned up until press time last night. Speaking with The Trib une l ast week, BEC chairman Michael Moss said the corporation has been "progressivelyi mproving" service amid public frustration over freq uent power disruptions, w ith no "extreme" outages since Thursday of last week. SHORT POWER OUTAGE IN EASTERN NEW PROVIDENCE T WO WANTED IN CONNECTION WITH SHOOTING INCIDENT Elin Nordegrendivorced Tiger Woods (picturedAP T T h h e e o o r r g g a a n n i i s s a a t t i i o o n n s s h h o o u u l l d d b b e e s s t t r r u u c c t t u u r r e e d d p p r r o o p p e e r r l l y y . T T h h e e r r e e s s h h o o u u l l d d b b e e a a f f i i n n a a n n c c e e o o f f f f i i c c e e r r i i n n p p l l a a c c e e t t h h a a t t s s h h o o u u l l d d s s i i g g n n o o f f f f o o n n a a n n y y t t r r a a n n s s a a c c t t i i o o n n t t h h a a t t t t h h e e c c h h i i e e f f a a d d m m i i n n i i s s t t r r a a t t i i v v e e o o f f f f i i c c e e r r w w a a n n t t s s t t o o s s e e n n d d o o u u t t . TIGER WOODS EX-WIFE REPORTEDLY FINDS LOVE WITH BAHAMAS RESIDENT to the board, and if the b oard does not give them satisfaction, then the minister. That is where the problem is. The structure is not there, said a source. I n the ongoing audit of t he ELA by the Auditor G enerals Department, Tribune sources claim investigators note the absence of a financial officer (FO T he Minister of Educat ion is empowered by the ELA Act to appoint or employ a CAO and anF O. Sources claim repeated requests for an appointment have been denied. In the meantime, Debor ah Jackson, CAO, currently receives a $10,000 honorarium to perform t he duties of FO. S he is not a certified p ublic accountant (CPA although it is alleged thatf rom the 1980s she has t aken the CPA exam several times. She does have a masters in business administration from the University of Texas, sources claim. According to former C AO Howard Bastian: It w as very important to have those two positions f illed from a segregation o f duties and conflict of i nterest point of view. For the CAO to do the same work as the FO is a conflict, he claimed. Questions have also been raised about the $5,000 in board remunera tion Ms Jackson receives in addition to her more than $50,000 annual salary, as well as a $10,000 per diem that records indicate was dispersed on a l east two occasions. I n responding to the T rib unes i nquiries, Ms Jackson said: Mr Mortimer is the one responsible for my actions so I guess he will have to be the one speak t o that. I am not prepared to speak to that. I do not know where you are get-t ing your information. I know I operate above board. I have been through a c ommission of inquiry, so I know that anything I do is totally above board. Witness M s Jackson is listed as a w itness who gave evidence in the BaTelCo Commission of Inquiry that inves-t igated alleged corruption in the public corporation. S he was a senior manager in the finance department at the time. T he ELA board consists of: Lowell Mortimer, C hairman; Hubert Chipman, Deputy Chairman; D r. Ronald Knowles; Yvonne Isaacs; Phaedra Knowles, The National I nsurance Board; Simon Wilson, Ministry of F inance; David Pinder and A nne Colebrooke.
LOCAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 5 1RZ LFDPHWRSDVVDV+HZDVSUD\ LQJLQFHUWDLQSODFHZKHQ+HFHDVHG WKDWRQHRI+LVGLVFLSOHVVDLGWR /RUWHDFKXVWRSUD\DV-RKQDOVR W DXJKWKLVGLVFLSOHV6+HVDLGWR WKHP:KHQ\RXSUD\VD2XU)DWKHU L Q KHDY+DOORZHGEH
THE Bahamas was among several countriesr epresented at a recent meeting of the Caribbean Marine Association (CMA w hich was aimed at reinvorgating that organisation. The CMA held its second annual general meeting at Marigot Bay, Saint Lucia on June 23 as part of the wider pro ject Capacity Building of the Caribbean Marine Association for Policy Dialogue and Promotion of the Sector Towards the Goals of Many Islands, One Sea. The meeting was held with the financial support of the Centre for Development Enterprise (CDE The CMA is the regional association representing the voice of the national marine trade associations through o ut the Caribbean. At present, there are eight national member asso c iations in the CMA. The main objective of the CMA is to promote and protect the interests of the recreational marine industry throughout the Caribbean region. Industr y Priorities include: increasing awareness of the industry, harmonization of legal and regulatory frameworks, protecting the marine envi ronment, enhancing visitor safety and fostering harmonious cooperation between member countries and their governments I mmediate past president Keats Compton advised those present that the CMA w elcomed the support of the CDE to reinvigorate the organisation, which was first launched in 2005. Despite active progress made by the CMA in the first two years following its inception, due to financial and human constraints the organisation became dormant in 2009. At this meeting, several areas of priority for the CMA in the immediate to long-term were identified: establishment of a dedicated and sustainable CMA Secretariat; increased membership base of the CMA including national marine associations, marine businesses and individuals within the marine industry; mar keting and promotion of the industry through the CMA website and through nation al and regional branding and events; training for the industry, and utilisation of surveys and statistics for lobbying and advocacy to governments and key regional organisations on. The new Board of Direc tors, representing each member of the CMA, was appointed to serve for a period of three years, to serve until 2014: John Duffy of the Antigua and Barbuda Marine Association was elected president and Bob Hathaway of the Marine Industries Association of Saint Lucia was chosen to be vice-president; For the initial six months under the new Board directorate, the CMA Secretariat will be hosted by the Antigua and Barbuda Marine Association. THE 36 young residents o f the Ranfurly Home for C hildren on Mackey Street a re benefitting from the Antique Auto Clubs annual show and steakout. E ach year, the club d onates the full proceeds of its annual show to a c harity or organisation i nvolving needy children a nd this year the Ranfurly Home was chosen. This was the clubs 24th A nnual Antique Auto Show and was once again held at Arawak Cay. It featured about 60 vint age and special interest vehicles and a dozen motorcycles brought by t he Friends of Distinction R iders Club. B rendan Foulkes, 2011 show chairman, estimatedt hat close to 3,000 people v isited Arawak Cay on the day of the show and publicly thanked all those who attended and the business c ommunity for its generous contributions. H e expressed special t hanks to the Arawak Cay V endors Association, as well as the significant number of tourists who visited,s ome of whom made donations to the cause. For those who may have missed the event, the next Antique Auto Show and Steak-Out organised by t he Kiwanis Club of Cable Beach is scheduled for Satu rday, August 27, from n oon to 6pm, also at A rawak Cay. The Antique Auto Club of the Bahamas wasf ormed in 1987 by a group of six men interested in the hobby and preservation of vintage vehicles, and now boasts a membership of 63 men and women. LOCAL NEWS PAGE 6, MONDAY, JULY 18, 2011 THE TRIBUNE NOTICETenders are invited for the purchase of the Equity of Redemption in all that the City of Nassau being part of a lot of land originally granted to Nancy Green and distinguished in a plan of the City of Nassau by the number of the one part and the Lamont Holdings Limited of the other part and rePrime Commercial Property for Sale ANTIQUE AUTO SHOW PROCEEDS DONATED TO RANFURLY HOME FOR CHILDREN (L-R club member with his two sons; Murray Forde, club secretary; Richard Blake, club president; Alexander Roberts, administrator of the Ranfurly Home, and Brendan Foulkes, vice-president and show chairman. Photo/ Elaine Forde BAHAMAS REPRESENTED AT CARIBBEAN MARINE ASSOCIATION MEETING FROM LEFT: Keats Compton (MartiniqueTrinidad & Tobago a dy (St MaartenCDE ConsultantSt Vincent and the Grenadines Anita Sutton (Grenada), Simon Carey (St Vincent and the Grenadines), Sam Welch (British Virgin Islands), Bob Hathaway (St Lucia), Sharon McIntosh (CDE Consultant), John Duffy (Antigua & Barbu d a), Shamine Johnson (Bahamas), Erik Blommestein (CDE Consultant).
THE Royal Bahamas Defence Forces leadership, management and supervisory teams have completed the third and final phase of their strategic planning for the period 20112015. The teams met in the Training Centre at the Coral Harbour Base to deliberate, develop and finalise the Defence Forces vision and mission statements, core values, creeds, goals and objectives as well as to address specific challenges confronting the organisation over the next four years. The aim of the strategic planning conclave was to create a forum for collaboration and participation among senior and junior officers as well as warrant officers in order to map the way forward for the organisation. The conclave allowed for constructive evaluation of departmental plans that were presented by department heads. Strategic goals and objectives were also defined and articulated to guide and bring synergy to efforts of various departments, units and sections within the Defence Force. Department heads produced three to fiveyear plans with an aim to complement and execute strategic objectives as outlined by the organisations executive team. Measures were also taken to ensure that plans were aligned with the Bahamas govern m ents mandate and the Commander of Defence Forces intent for the Defence Force. The strategy involved a three-pronged approach that took the form of an initial, midstage and final planning phase, which concluded with a review of strategies, policies and plans to be implemented in the service. A strategic theme of A Call to Higher Ser vice was adopted to focus all planning efforts. A new strategic vision and mission were formulated to realign the efforts of the members of the Defence Force. Additionally, a new value system was also developed to enhance a culture of excellence within the service; this included the formulation of the organisations core values and creeds, which define and promote the element and essence of a modern military mind-set. Commander of Defence Force, Commodore Roderick Bowe, charged and encouraged the management team to become more visionfocused by embracing the call to render service above self, and to maintain a standard that is reflective of the organisations corporate image. Commodore Bowe also reminded the officers present at the conclave of Commands philos ophy of participatory management, which promotes and provides opportunities for all members of the Defence Force to be involved in the decision making processes. He concluded his challenge by stating that it is the intent of Command to foster a positive workforce that t hrives on the principles of accountability, pro fessionalism and transparency. LOCAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 7 Getdiscountedshippingratesandcompleteordertrackingfromourpreferredshipper. VisitLowes.com/Internationalorderbyfaxat704-757-0634,ore-mailinternational@Lowes.com11byLowes Allrightsreserved.LowesandthegabledesignareregisteredtrademarksofLF,LLC. Fromconstructiontodecor,finditallatLowes.Whetheryouneedjob-lotquantitiesofroofing,lumberandconcreteordecor items likepaint,cabinetsandlighting,Loweshasallyouneedallateveryday low prices.JustvisitourstoreorbrowseonlineatLowes.com/International. B ahamas to host major international workshop D EFENCE FORCE OFFICERS l istening to presentations made at the third and final phase of their strategic planning conclave last Friday. RBDF Photo Courtesy of Public Relations Department RBDF TEAMS COMPLETE STRATEGIC PLANNING CORAL reef experts managing the worlds three largest barrier reefs will meet at a workshop in the Bahamas next week to share knowledge and experiences and to get better equipped to deal with the challenge of climate change. Adapting to Climate Change: a workshop for coral reef managers is sponsored by the Australian Government and convened by the Australian Great Barrier Reef Marine Park Authority (GBRMPA The five-day workshop will comprise two parts: days one and two will provide an update on climate change science, key risks for coral reefs and important developments in coral reef management, while days three to five will explore in more detail the risks and management response options associated with some of the major threats from climate change, such as coral bleaching, coral disease and ocean acidification. Australia is home to the worlds largest barrier reef, while the second and third largest barrier reefs are located in Belize and the Bahamas respectively. It is only natural, therefore, that our existing development partnership with the Caribbean Community should encompass knowledgesharing on issues related to reef management, said Philip Kentwell, High Commissioner of Australia. Representatives from eleven CARICOM member states, the Dominican Republic and the CARICOM Secretariat are expected to attend the workshop. THE sixlead facilitators of the upcoming workshop include: Peter McGinnity, who has been working for the Great Barrier Reef Marine Park Authority (GBRMPA currently holds the position of general manager of Environment and Sustainability; Dr Paul Marshall, the director of the Climate Change Group in the Great Barrier Reef Marine Park Authority;Roger Beeden, the manager for Ecosystem Resilience in the Climate Change Section of the Great Barrier Reef Marine Park Authority; Dr Jeff Maynard, an adjunct scientist with the Australian Centre of Excellence for Risk Analysis at the University of Melbourne; James Byrne, the Marine Science Programme manager for South Florida and the Caribbean, based in the Florida Keys Office, and Britt Parker, who serves as the Climate Coordinator for the Coral Reef Conservation Programme, where she works with federal, state, local and international partners to coordinate planning, policies and activities to address the impacts of climate change on coral reef ecosystems. T HIRDANDFINALPHASEFOR2011-2015 PERIOD
B y SIR RONALD SANDERS (The writer is a Consultant and former Caribbean diplomat) THE 15-nation Caribbean C ommunity and Common Market (CARICOM establish an expert group to study and report on migration and how to manage it. Migration is now one of t he major issues confronting the world. It is an issue thatw ill become more controversial as new economic strains are felt globally. In regional groupings such as the 27-nation EuropeanU nion and the 15-nation Caribbean Community and C ommon Market (CARICOM), the problems of migration are even more complicated because the treatiesg overning these groupings expressly allow freedom of m ovement of people. W hile in the case of the European Union (EU ple are free to cross borders t o live and work under recipr ocal arrangements, in CARIC OM freedom of movement is restricted to certain categ ories of workers and only with the specific approval of receiving governments. D ifferent levels of develo pment explain why freedom of movement occurs relative ly easily in the EU and not in C ARICOM. The short expla nation is that the recipient countries of the EU are welle nough developed to absorb m igrants whereas CARICOM countries are not. When migrants enter and r emain in CARICOM countries, even though they con tribute to the economy by p aying taxes and buying goods and services (and often doing jobs that locals do not w ant) they also place an addi tional burden on health and education services and even on water and electricity that t he State is expected to provide but for which they did not plan. This strain on public services in small countries ise xacerbated when migrants are there illegally. It is under-s tandable, therefore, why countries, such as Barbados, take a strong position on sending illegal migrants back to their homelands. Small countries simply cannot cope with an unplanned influx ofm igrants. But, misinformation and misconceptions contribute g reatly to the more vocal v iews about migration. In the United Kingdom, for example, polls indicate that thew idely held belief is that 24 per cent of the population is foreign-born. I n actuality, the figure is only 9.6 per cent. A study of eight migrant receiving countries (US, Canada, UK, France, Germany, the Netherlands and Spain) found in all of themt hat respondents on average exaggerated the size of the migrant population. Crimes S imilar exaggerations in the actual number of migrants in CARICOM countries arem ore than likely to be found i f definitive studies are con ducted. As an example, in many Caribbean countries thev iew, that foreigners are largely responsible for crimes, is shattered by statisticsr evealing that the overwhelming majority of persons in prison are local. The migration issue has a lready made for uncomfortable relations between some of the member states of C ARICOM. As vexed an issue as it is, it could get worse unless there is regional agree m ent to manage it, and to do s o in an open and transpar ent manner which upholds the rights and protections tow hich migrants are entitled. CARICOM countries also have to exert particular care in dealing with the matter of migration. On a per capita basis, the C aribbean is one of the areas from which the largest num-b er of migrants flows to other countries. Caribbean coun tries cannot encourage an open-door policy for their migrants to other countries, w hile practising a closed door policy for themselves. This is one important reason why the region has to develop a well thought out policy for man-a ged migration. While the region would l ike to continue to export its unskilled people to the US, Canada, Britain and elsewhere, and keep their skilled people at home, they cannot legislate that wish. Migration of skilled and unskilled peo-p le from the Caribbean to developed nations will not stop once economic factors e ncourage them to move. W orld Bank research shows that the highest rates of brain drain are from smalls tates. For instance, the World Health Organisation has confirmed that while the l argest number of foreignborn doctors working in the industrialised nations of the Organisation for Economic Co-operation and Development (OECD India, among the ten coun t ries with the highest expatriation rates are six Caribbean small states: Antigua and Barbuda (89%73% Guyana (72% (60% ( 55%) and St Vincent and the G renadines (53% To reverse this trend, CARICOM countries have tow iden the opportunities for their skilled people to work and earn. They would better d o so in arrangements which offer the entire region as a market, in which Caribbeanp rofessionals can travel freely t o practice their trade and deliver services. A further problem for C ARICOM countries, which m akes the matter of migra tion ripe for expert analysis and informed policy-making, is that, for many of them, their productive populations between the ages of 15 and 6 4 are becoming smaller. The United Nations pro jects that this group of the populations of Barbados and Trinidad and Tobago will decrease over the period 2010 to 2020 by 0.08 and 0.3 respect ively. In the same period, the same age-group in Jamaicaa nd Grenada will increase marginally; and in Guyana and St Lucia, the 15 to 64 yearo lds will grow by just over 1 %. Only in Belize will this group grow by 2.57%. T his means that the count ries, whose productive populations are contracting, will have to encourage migrationi nto their countries, or face e conomic contraction includi ng a fall in government revenues and declining capacity to deliver goods and services to their people especially social services for the elderly. T his situation demands that new migration should be a planned and managed process that would be better achieved through a co-operation arrangement by CARICOM in which member coun-t ries seek skilled and unskilled workers from each other on a reciprocal basis that shouldi nclude the transfer of the payments by migrants to social security and medical b enefits schemes from one c ountry to another. Report To tackle this problem, C ARICOM government should consider establishing a Group of Experts drawn from relevant departments of g overnment, the Universities, the private sector and the trade union movement to s tudy the issue carefully and produce a report and recom mendations that could be disc ussed with the Caribbean people in town-hall meetings throughout the region, in media discussions, and in par l iaments before implementation. A good basis for the work o f such an Expert Group would be the Report of a Commission for Migrationa nd Development set up by t he Ramphal Centre in the United Kingdom. The Com mission is being Chaired by former Jamaica Prime Minister, P J Patterson, and the report will be published latert his year. Response and previous c ommentaries at: www.sirronaldsanders.com PAGE 8, MONDAY, JULY 18, 2011 THE TRIBUNE Caribbean should establish expert group on migration WORLDVIEW SIR RONALD SANDERS
A YOUNG woman who together with her mother has been selling newspapers to residents of the Highland Park and Grove Community since 1999 has been recognised by the Make A Wish Bahamas organisation and the K illarney Constituency Associat ion for her hard work throughout the years. Shonelle Brown, who is now a student at the College of the Bahamas, was presented with a n ew laptop computer by Killarney MP and Health Minister Dr Hubert Minister last Friday after h er story was told to the crowd at t he Killarney Meeting/Job Fair. B arbara Henderson, a regular customer of Shonelles, initiallyt old Make a Wish Bahamas about t he young womans efforts. Some years ago I observed the consistency of a lady, Ms Ena Brown and her daughter Shonelle, who sold newspapers on a corner near my home. The cor ner of JFK and Dolphin Drive.M s Brown was there, every day r ain or shine. In fact she worked six days a week. I noticed her d emeanor. Always pleasant. A lways upbeat. Why? Certainly h aving to sell papers for a living couldnt be the easiest or the most lucrative job, but she persevered. She told me once that she got tired of the difficulty she was facing in the job market and decidedto become self-employed. Its hard work but its her own business that she can depend on, Ms Henderson said on the Make a Wish Bahamas website. M s Henderson said it was only i n more recent times that she realised that Ms Brown and Shon e lle have to complete their newsp aper route before they even make it to the corner to sell papers every morning before 7am. The real eye opener for me c ame when on a few mornings I l eft my house at 5.30am to go walking and I saw Ms Brown and her daughter making their way byf oot, with a heavy load of newspapers in a huge plastic bag to deliver, walking over the hill at the beginning of Marlin Drivef rom Dolphin Drive. Her car had been giving her problems and is no longer work ing. Many people would have s tayed at home and complained that they had no transportation, but not Ms Brown, Ms Hender s on said. S he explained that she has l earned that Ms Brown and Shonelle live off of East Street, a long way from Highland Park. M s Henderson said Ms Brown and her daughter wake up between 2am and 3am every morning to start their day and doa full days work before 7am. She said on the Make a Wish Bahamas website that she is con vinced that angels guide, protect a nd help them every step of the way, simply because they have stepped out in faith. LOCAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 9 Break away from the ordinary and discover how to experience life to the fullest. The Isuzu D-MAX is the ultimate multi-purpose pick-up truck which enables you to drive through tough roadsand load a variety of cargoes. It is specially designed to be powerful, stylish and highly functional. 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When approved you'll be automatically entered into a random draw for a chance to WIN a $7,500 Term Deposit or credit to your mortgage principal or future mortgage payments.Contact your nearest RBC FINCO branch for more information. Offer ends July 31, 2011. *Special conditions apply. Rates as low as 7.25% By CONSTABLE 3011 MAKELLE PINDER DOMESTIC VIOLENCEis violence that is against the law that can be perpetuated against a current spouse, members of the family and friends living together or separated. It includes physical abuse, verbal abuse, financial abuse, spiritual abuse, emotional abuse, psychological abuse, sexual abuse, child abuse and elder abuse. DOES YOUR PARTNER: Hit, kick or slap you or the children? Display extremely jealous or possessive behavior towards you? Exhibit disrespect of your opinion and makes all of the decisions? Break things in anger and threatens you with weapons? Have a violent history and brags about mistreating others? Blame you and others for their own failure or belittles you verbally? Pressure you for sex and believes that you are just a sex object? Behaviours worsen when using prohibited drugs or alcohol and make you feel extremely fearful? Always ask for second chances and say that they will change and won't abuse you again? Makes your family and friends worry about your safety? SAFETY PLAN Think of a safe place to go if an argument occurs avoid rooms with no exits (bathroom), or rooms with weapons (kitchen). Establish a "code word or sign" so that family friend teacher or co workers can know when to call for help. Be aware of domestic violence shelters in your area Keep monetary funds with you at all times Memorise all important phone numbers and make a list of safe people to contact. HERE'S HOW THE PROCESS WORKS: THE POLICE PLAY AN IMPORTANT ROLE IN STOPPING THE CYCLE OF VIOLENCE. The police will conduct risk assessment, which includes interviews from all parties. There will be a proper investigation into suspected domestic violence. Officers will automatically consider victim's safety, privacy and protection. Matters involving children will be prioritised and forwarded to the Department of Social Services for investigation. Physical injuries will be referred to health-care professionals for proper documentation of evidence. The police will enter and search premises without a warrant if they suspect domestic violence has occurred and the victim's life is in further danger or if weapons are involved. The police will take the offender into custody if they believe the victim or the victim's property is in further danger. The police will ask the Magistrate to make a temporary protection order by telephone, fax, radio or a similar device. The police will investigate breaches of domestic violence order when a respondent continues to commit domestic violence after the order has been made. If you prefer not to get the police involved with the situation, remember to: File a police report, even if you do not want your abuser arrested. It documents the abuse which may become evidence for future court hearings (such as a custody hearing, assault, battery or stalking case) Save all evidence from the assault such as medical reports, weapons, damaged property or names and contact information of witnesses. It also involves taking pictures of your injuries. Whether or not you file charges, you may need proof of the incident later in life. Apply for a protection order if they are satisfied domestic violence has occurred. Should you need more information on Domestic Violence or if you have information pertaining to any crime, please do not hesitate to contact the police at or Crime Stoppers at 328-tips (New Providence (Family Island or If you know of individuals who may be in need of counseling and emotional support please contact the Department of Social Services hotline number at 322-2763. A TEARY-EYED SHONELLE BROWN a ccepts a new laptop from Minister of Health Dr H ubert Minnis and the Killarney Constituency Association at Killarney's Town Meeting/Job Fair after her motivating and moving story was told to the crowd. P hoto courtesy of makeawishbahamas.com ROYAL BAHAMAS POLICE FORCE NATIONAL CRIME PREVENTION OFFICE ANTI-DOMESTIC VIOLENCE SAFETY TIPS MAKE A WISH RECOGNISES PAPER SELLERS HARD WORK
LOCAL NEWS PAGE 10, MONDAY, JULY 18, 2011 THE TRIBUNE S he said: There are criminals out there w ho are always looking for an opportunistic crime, so we are urging the public to pay attention to your surroundings. You dont know, somebody may be watching you. According to family members, Mr Simmons' a nd his friend had returned to the apartment from a corner shop when the incident occurred. I t is believed the pair may have been fol lowed from the convenience store located only a few houses away. S ovonia Forbes, Shavado's older sister, said: He was very kind. Quiet around people he wasn't familiar with, but once he knew you he could be very outspoken. Whenever some-t hing wasn't right he would always speak out. He liked to have fun and make people laugh. What I want to know is, why did they h ave to shoot him, if it's just a robbery? If they take the chain, why do they have to shoot the person? You already have the chain." A nother relative said: "He was a sweet pers on. I never heard him raise his voice to anyone never. I never saw him mad. He was generous and considerate. He would take the shirt off his back and give it to you." Almost 200 people amassed following the i ncident, bringing traffic on the busy highway to a crawl yesterday evening. Family members and close friends were o vercome with grief as they watched police remove the body of the Doris Johnson High school graduate. As the cries of bereaved loved ones grew l ouder, a new resident to the area said: "Geog raphy doesn't mean anything, it's not safe any where. Young people just seem to be wild. T he only thing to curb this is for the governm ent to step in and do something just hang them." The countrys murder count stands at 72. The shooting has not yet been classified as a murder, and as investigations continue, police are appealing to the public for any informationw hich may assist their investigations. SENSELESS KILLING SHOCKS COMMUNITY FROM page one ALMOST 200 people gathered following the shooting. THE BODY is removed from the scene yesterday.
stituency. H e warned the government that its latest move will not rest well with the residents of Garden Hillso r Bahamians who have h ad to deal with shanty towns next to their orderly subdivisions and apart m ent zones. He said residents are concerned the governmentis negotiating with former s quatters for the sale of lots to the exclusion of ordi nary Bahamians. He also said the initiative is reward-i ng illegal activity when legitimate Bahamians who are qualified are deprived. I n its effort to regularise s quatter communities, the government announced a new 250 lot subdivision at the site of the formerM ackey Yard shanty town. Lots are being sold at $3.40a square foot with lots start i ng at $17,000 for 5,000 sq f t, according to government officials. Dr Major said the governments proposal to sell the land at below market prices, will have the effect of reducing property values in the neighbourhoods where land was sold at market value. Across the street from Mackey yard, he said land values are $75,000. Kenneth Russell, Minister of Housing, said gov ernment land and homes have always been sold at subsidised rates to make them more affordable. Mackey yard is located in the southwestern area of Garden Hills Constituency. There is a large concentration of apartment complexes in the surrounding area, many of which were devel oped by Arawak Homes. Private housing subdivisions include Hunts Close, Ross Davis Estates, Ophelia Storr Estates, Avocado Gardens, Assembly Gar dens and others. Dr Major said, based on the demands it appears to be a desperate need for housing for Garden Hills Constituency, especially the surrounding area of Fire Trail Road. Many of the residents (in the surrounding area have been paying rent for most of their adult lives, and they aspire to own a home. They have expressed serious discontentment with the idea of such accommo dations being made for those individuals who were squatting in the area and not abiding by the law for many years, said Dr Major. Bahamians are crying out for housing and have been frustrated by the lack of transparency in the process, he said. If Mackey yard is to be p roperly developed as the newest subdivision in the area, Dr Major said preference should not be to thes quatters. Residents in the area who are renting and seek to move into homes of theiro wn contend that if land in the area is to be sold at a ridiculously low rate, it should be offered to those who have already applied and have been waiting for y ears to acquire land in New Providence, said Dr Major. Information coming from t he Ministry of Housing is conflicting, according to Dr Major. He called on the government to answer an umber of questions. Who are the persons eli gible to purchase any lots? Is the process open to those Bahamians who have applied and are qualified to p urchase houses in The Bahamas? How was the land in Mackey Yard acquired by the govern m ent, when was it acquired a nd at what cost? What is the cost of the development infrastructure being put inp lace and when will these contracts go out to bid? asked Dr Major. LOCAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 11 By JOHNISSA I T would be wrong if not d ownright stupid not to a cknowledge the importance of reenergizing the economy. This is especially true in light of the instability of the world economic climate. It would also be wrong not t o understand the substant ial and long term benefits that come from the development of the Nations infrastructure. In the Bahamas there are currently a number of works in progress w hich are designed to crea te the conditions for greater economic growth. There are a lso major infrastructure projects in progress including the air and sea ports, road i mprovements and telecomm unications. T hat being said this colu mn must return to a subj ect with which it has dealt before because it appears to be demanding of action now more than ever. It is also w hat I suggest should be the p riority of our society. T hat subject is the nurturing and education of our children. It can be very easy for this important matter not to get the spotlight it deserves during stressful eco-n omic times, however, let us consider the benefits for all ifo ur children are better educ ated and nurtured. It is recognized by economists that there is a directc orrelation between economic prosperity and the level of education of a society. We also must rememb er that the most successful nations with the best quality of life are not the ones with the most natural resources b ut the ones with the best e ducated and socially adjuste d people. There is also a direct relationship between the level of crime and the quality of the nurturing of the young in most if not all countries. I f the above propositions are true and to me theya ppear self evident why is n ot the education of our youth and the encouragement of stable families nott he most important objective of our leaders both in the public and private sectors? If you judge the level of i mportance which a society a ssigns to a subject by the a mount of attention is gets in the media one would havet o conclude that the nurturing and education of our y outh is not considered as m ost important. M aybe the sharp increase in the murder rate will shocku s into getting our priorities r ight. Getting priorities right V IEWFROM A FAR J OHN I SSA Residents irate at plan to give squatters first preference on Mackey Yard subdivision FROM page one
The Education Loan Authority (ELA sible for raising money for t he governments student l oan scheme. It administ ers bonds in excess of $100 million, with an operating annual budget of more than $2.5 million. Sources claim one administrator in the organisation is responsible for authorisi ng, receiving and recordi ng financial transactions, and there allegedly is a p ractice of co-signatories s igning blank cheques. D eborah Jackson, chief administrative officer (CAOp erson team at the ELA. They report to a board of directors, chaired by Lowell Mortimer. For several years, the organisation has been without a financial officer (FO T he ELA and its agent, t he Bank of the Bahamas, w ith the Loans Division in t he Ministry of Education a re jointly responsible for o verseeing the loan portfolio. Although government officials have confirmed the audit, they have refused to comment, stating it is incomplete. No officialsw ould reveal when it is expected to be completed. A Tribune source claimed: Audits are usually very time-controlled. As an auditor you should be able to estimate when is the audit going to finish. It cann ot be vague. They plan t heir time, because they bill their time per hour. That is a small company with three people. You cant tell me that an audit going on for m onths and they cannot c onclude it. Audits cannot b e indefinite. This is a small little loan d epartment. What is so diff icult about this audit? Has the auditor been instructed not to finish the audit? Has anyone instructed him to ease off? were the questions being asked. Terrance Bastian, Audit or General, could not be reached for comment. But in an online message, he s tates his department is r esponsible for protecting t he fiscal integrity of the Bahamas and providing assurance that resources ares pent in an economic, efficient and effective manner. My personal philosophy is that stewards of public resources should be held toa high standard.I am dedic ated to serving the citizens o f The Bahamas and providing assurance of transparency while also promot i ng good governance, Mr Bastian stated. Some of the questions raised by investigators relate to board conduct, and financial protocols. The chairman of the b oard, in one instance, s igned off on the private issuance of an ELA bond to his own company. The chairman denies this was a conflict of interest. O ne source said: That w as in the audit notes. I d oubt that will reach the a ctual audit, but I don't w ant to speak for the Audit or General. However, in the chairmans defence at the time the bond was issued, there were no other takers in the market, according to a source, who further claimed t here are no regulations governing conflicts of inter est in any event. Most oft he board members are not c ivil servants, so they are n ot governed by general orders. One source said the gove rnment does not have a standard code of ethics for public boards. However, board members are accountable to a minister, who should set the standard of conduct, the source said. U ntil the findings are p ublished they are just audit notes, said a Tribune source. Questions r aised by auditors in the investigation are not suspicions, they are just questions, said the source. Yes, there may be things which are not done properly, but come on. There is a p rocess. You cannot base s tories on audit notes. Although there could be valid concerns, the source said there is a process, and it is important for auditors to seek weakness and make r ecommendations as o pposed to castigating or s eeking evidence of malfeas ance. I n the case of the ELA bond, which could be viewed as a conflict of interest, Tribune sources claim officials are recommending that the ELA ensure that all procedures are guided by t ransparency and accountability. They should go to the b oard and say this is what w e found and this is what y ou should do. This is what my concern is. When people read these things they do noti nterpret them properly. They gloss over significant issues and pick out the smaller issues. You have a $100 million portfolio with two thirds in default and you are talking a bout where you purchase t he food. If this was in the private sector they would question the quality of thea uditor's report, said a source. SEE P AGE THREE LOCAL NEWS PAGE 12, MONDAY, JULY 18, 2011 THE TRIBUNE forecasters at the United States National Hurricane Centre (NHC ened into a tropical storm yesterday. At press time last night, the NHC reported the storm's centre was located about 60 miles northeast of Freeport. Its maximum sustained winds were near 35 miles per hour, drifting toward the south with near 2mph; a north-northeastward motion was projected for today. Little movement was expected overnight. According meteorologists at Accuweather.com, Grand Bahama and Abaco have little to fear from the system as it is still very disorganised. The northwest islands were expected to experience a max imum of one to two inches of rain and wind gusts of up to 30mph. to hospital by emergency medical personnel where he is detained in a stable condition. This accident comes after a 27-year-old Carnival Cruise passenger died when the jet-s ki she was riding with an American man crashed into a boat near the entrance to Nas sau Harbour in May. Just two weeks after that, a 35-year-old w oman from Florida was a passenger on a banana boat ride when it collided with a jetski ridden by two people. T he woman was taken to hospital where she was treated for a fractured right leg. In June, the body of 17-year-old Keith Wal lace Jr, who disappeared while riding a jet-ski o ver the Labour Day holiday, was found near Williams Town Beach, Grand Bahama. An official of the port department, the reg u lating agency, told T he Tribune i n a previous interview that every incident is taken seriously and that every accident heightens the awareness of all of those in the jet-ski indus t ry. With a history of industry accidents and lawsuits, hoteliers have continuously pushed f or safety regulations. According to the regulations, each jet-ski passenger is required to sign a waiver form. However, when The Tribune visited Cabbage B each a few months ago, operators were not able to produce a form. Fears Education Loan Authority audit will never be completed FROM page one FROM page one T OURIST SERIOUSLY INJURED IN ANOTHER JET-SKI ACCIDENT TR OPICALSTORM W ARNING FROM page one Share your news The Tribune wants to hear from people who are making news in their neighbour hoods. Per haps you ar e raising funds for a good cause, campaigning for improvements in the ar ea or have won an awar d. If so, call us on 322-1986 and share your story.
LONDON Associated Press REBEKAHBrooks, R upert Murdoch's former B ritish newspaper chief, was arrested Sunday on suspicion of phone hacking and bribing police, only 48 hours before both of them were to be grilled by U.K. lawmakersi nvestigating widespread lawb reaking at a Murdoch tabloid. The arrest of the 43-yearold Brooks, often described as a surrogate daughter to the 80-year-old Murdoch, brings t he British police investigations into the media baron's i nner circle for the first time. It also raises the possibility that his old friend Les Hinton, who resigned Friday as publisher of The Wall Street J ournal, or Murdoch's 38y ear-old son and heir appare nt, James, could be next. Brooks' detention also moves the police inquiry closer to the heart of British political power. Brooks is the ultim ate social and political inside r, who dined at Christmas w ith Prime Minister David C ameron and counts numerous celebrities and senior p oliticians among her friends. Until Friday, she was the d efiant chief executive of N ews International, Murdoch's British newspaper arm, whose News of the World tabloid stands accused of h acking into the phones of celebrities, politicians, other journalists and even murder victims. In the tumultuous last t wo weeks, she had kept her job even as Murdoch shut down the 168-year-old tabloida nd tossed 200 other journali sts out of work. On Sunday she showed up for a prearranged meeting with London police investigating the hacking and was arrested. She was being ques-t ioned on suspicion of con spiring to intercept communications phone hacking and on suspicion of cor r uption, which relates to bribing police for information. Brooks' spokesman, David W ilson, said police contacted her Friday to arrange a meeting and she "voluntarilya ttended a London police sta t ion to assist with their ongo ing investigation." He claimed that Brooks did not know shewas going to be arrested. The arrest threw Brooks' appearance at Tuesday's par liamentary hearing into doubt. "Obviously this complicates matter greatly," Wilson said. "Her legal team will have to have discussions with the committee to see whether it would still be appropriate for her to attend. Lawmaker Adrian Sanders said if Brooks did not appear, "that is not going to go down very well with my fellow committee members." The arrest was the latest blow for Murdoch, the once all-powerful figure courted by British politicians of all stripes. Now Murdoch is struggling to tame a scandalthat has already destroyed his muckraking tabloid News of the World, cost the jobs of Brooks and Hinton and sunk the media baron's dream of taking full control of a lucra tive satellite broadcaster, British Sky Broadcasting. "(Murdoch absolutely clean about what he knew, about what his senior executives knew, and why this culture of industri al-scale corruption so it is alleged appeared to have grown up without anyone higher up in the food chain taking any real responsibility for it," Deputy Prime Minister Nick Clegg said Sunday. Even more senior figures could face arrest, including James Murdoch, chairman of BSkyB and chief executive ofhis father's European and Asian operations. James Mur-doch did not directly oversee the News of the World, buthe approved payments to some of the paper's most prominent hacking victims, including 700,000 pounds ($1.1 million Footballers' Association chief G ordon Taylor. J ames Murdoch said last week that he "did not have a complete picture" when he approved the payouts. Britain's bribery law gives a uthorities the power to prose cute corporate chiefs for faili ng to prevent bribery, something that had previously been difficult, but the bar for proof is high. Chandrashekhar Krishnan, e xecutive director of Transp arency International UK, said British prosecutors seeking to prove that bribes that w ere approved at a high level w ould have to uncover strong e vidence such as memos or minutes of a meeting. "That usually proves to be v ery, very difficult," he said James Murdoch's ties to the h acking scandal might bolster t he position of his 42-year-old s ister, Elisabeth Murdoch, who was not with News Corp. during much of the period in q uestion. The Independent newspaper quoted unnamedN ews Corp. insiders as sayi ng Rupert Murdoch is eager t o get Elisabeth on the News Corp. board. Hinton, too, could face q uestioning over wrongdoing at the News of the World during his 12 years as executivec hairman of News International. That could be complicated by the fact that he is an American citizen living in the U.S., so British authorities w ould have to seek extradi tion if he refused to come will i ngly. Brooks stepped down Friday as head of Murdoch's British newspapers, saying shew as going to "concentrate on correcting the distortions and r ebutting the allegations a bout my record." She was editor of the nowdefunct News of the World between 2000 and 2003, when some of the phone hackingt ook place, but has always s aid she did not know it was g oing on, a claim greeted with scepticism by many who worked there. At an appearance before U.K. lawmakers in 2003,B rooks admitted that News I nternational had paid police for information. That admission of possible illegal activity w ent largely unchallenged at t he time and lawmakers are k een to ask her about it again. Police have already arrested nine other people, includ-i ng several former News of the World reporters and edi-t ors, over allegations of hacki ng and bribery. T hose include Andy Coulson, a former News of the World editor who became C ameron's communications chief before resigning in Jan-u ary. No one has yet been c harged. S ome Murdoch critics were suspicious of the timing of Brooks' arrest, which may d raw attention away from uncomfortable questions about police actions. The timing stinks," said Mark Lewis, lawyer for the family of Milly Dowler, the murdered 13-year-old whose phone was hacked by News o f the World journalists in 2002. C ameron's Conservativeled government and the London police also are facing increasing questions aboutt heir close relationship with Murdoch's media empire. C ameron has held 26 meeti ngs with Murdoch executives since he was elected in May 2010 and invited several to his country retreat. London police are under p ressure to explain why their o riginal hacking investigation s everal years ago failed to find enough evidence to prosecute anyone other than News of the World royal reporter Clive Goodman and privatei nvestigator Glenn Mulcaire. D etectives reopened the investigation earlier this year and now say they have the n ames of 3,700 potential vict ims. R ecords show that senior officers including Paul Stephenson, chief of London'sM etropolitan Police have had numerous meals andm eetings with News Internat ional executives in the past f ew years. The police force also hired Neil Wallis, a former News of t he World executive editor arrested last week in the scan-d al, as a part-time PR consult ant for a year until Septemb er 2010. INTERNATIONAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 13 FORMER CHIEF EXECUTIVE O F NEWS INTERNATIONAL R ebekah Brooks leaves a hotel in central London, in this Sunday, July 10, 2011 file photo. S ky television sources reported on Sunday July 17 2011 that Brookes had been arrested by p olice investigating a phone hacking and corruption scandal that has engulfed Rupert Mur d och's British media company. Scotland Yard confirmed that a 43 year old woman had been arrested. (AP EX-MURDOCH AIDE BROOKS ARRESTED IN HACKING SCANDAL INVESTIGATIONS ENTER MEDIA BARON'S INNER CIRCLE
INTERNATIONAL NEWS PAGE 14, MONDAY, JULY 18, 2011 THE TRIBUNE GN-1267 CAIRO A ssociated Press Hosni Mubarak's lawyer said S unday that the ousted Egyptian president suffered a stroke and is in a coma. However a top medical official with knowledge o f his condition denied the r eport and said Mubarak was stable. Mubarak, 83, has been in a h ospital in the Red Sea resort of Sharm el-Sheikh since April under arrest on charges he o rdered the killings of protesters during Egypt's uprising. He is said to be suffering from heart trouble. The president had a sudden stroke," said the lawyer Farid el-Deeb. "Doctors are trying to bring him to consciousness. He is in a total coma," he told The Associated Press. H owever, a senior medical official in the hospital where Mubarak is held said his condi tion had not worsened. The doct or spoke on condition of anonymity because of the sensitivity of the subject. Mubarak is set to face trial in August on charges he ordered the killings of protesters during the 18-day uprising that oustedh im on Feb. 11. A conviction could carry the death penalty and activists suspect his lawyer may be using health problems as a ruse to sway public opin ion and perhaps even win amnesty. Protesters have camped for more than a week in Cairo's Tahrir Square, demanding a public trial for Mubarak and other regime officials accused of complicity in killing protest ers. El-Deeb has made other claims recently about Mubarak's deteriorating health that were also denied by senior medical officials. Mubarak was treated last year for cancer in his gallbladder and pancreas, and el-Deeb said last month that he may be sufferinga recurrence that spread to his stomach. However, two senior Egypt ian medical officials one of them the head of Mubarak's team of doctors said at the time he did not have the disease. Ever since Mubarak traveled to Germany early last year for medical treatment, it has been widely rumored that he has cancer. But his health was a closely guarded secret, and the cancer was never spoken of publicly until recently. El-Deeb claimed last month that Mubarak underwent "critical surgery" in Heidelberg, Germany, last year to remove his gallbladder and part of his pan creas, which were cancerous. At the time, he called Mubarak's condition "horrible" and said the former leader "doesn't eat and he loses consciousness quite often." Mubarak has lived in Sharm since his ouster. Mubarak's purported health issues have complicated efforts to bring him to trial. He was hospitalized on the day prosec utors trying to build a case against him sought to question t he former leader for the first time. Prosecutors have questioned him in the hospital, but an order t o transfer him to a Cairo prison during the investigation was overturned on the grounds that the prison health facilities were i nadequate to treat him. A report by a governmenta ppointed panel of physicians determined in May that Mubarak is too ill to be held in prison while awaiting trial. T hat report said Mubarak was suffering from heart troubles and confirmed he had "tumors" in his pancreasr emoved. But it did not specify whether the tumors were malignant. It also said that Mubarak c an't leave his bed without assistance. Reports about Mubarak's h ealth are a highly politicized i ssue because his trial is unprecedented in the history of modern Egypt. Youth groups have warned that granting Mubarak amnesty would only spark a new revolution. I n May, an Egyptian paper ran an unconfirmed report that the Egyptian military rulersw ere considering doing just that in return for an apology to the nation for any wrongdoing. The report sparked a public outcry and a mass protest in Cairo's Tahrir Square the epicenter of the Egyptian revolution. That forced the country's military rulers to issue a denial and distance themselves from Mubarak's trial. Mubarak has been charged with conspiring with the former security chief and other senior police officers already on trial in a criminal court "to commit premeditated murder, along with attempted murder of those who participated in the peaceful protests around Egypt." The charges say Mubarak and the other officials were involved in "inciting some policemen and officers to shoot the victims, running some of them over to kill them, and terrorizing others." At least 846 protesters were killed during the revolt. Mubarak's sons, Alaa and Gamal, have been held in Cairo's Tora prison since midApril while they are investigated on charges ranging from corruption and squandering public funds to ordering the violent suppression of anti-government demonstrations. For years, Mubarak's health was a tightly guarded secret, and each flare-up threw the country into uncertainty because there was no clear successor. Following Mubarak's surgery in Germany last year, Egypt's government said that doctors removed benign tumors from his gallbladder. Egyptian state TV also broadcast footage of Mubarak speaking to his doctors in an attempt to assure Egyptians that his condition was stable. IN THIS Nov. 18, 2008 file photo, then EgyptianP resident Hosni M ubarak speaks after receiving the Jawaharlal Nehru Award for International Understanding in New Delhi, India. Hosni Mubarak's lawyer says ousted presidenth as suffered a stroke, and is in a coma. (AP MUBARAK'S LAWYER SAYS EX-PRESIDENT SUFFERED S TROKE
INTERNATIONAL NEWS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 15 KABUL, Afghanistan Associated Press INTERNATIONAL m ilitary forces in A fghanistan handed over c ontrol of a peaceful province in the center of the country to Afghan police on Sunday, taking another step in a transition that will allow foreign troops to withdraw in f ull by the end of 2014. Bamiyan province is one of seven areas going to Afghan security control this month in a first round of the transition. Another, Panjshir province in the east, began being transferred e arlier this month. Both p laces have seen little to n o fighting since the overt hrow of the Taliban n early 10 years ago and b arely had any coalition troop presence. Fighters Violence has increased in other parts of Afghanistan since the Taliban began a yearly o ffensive in April. A fghan and NATO troops killed at least 13 T aliban fighters in the e ast on Sunday, and three N ATO service members were killed in roadside bomb attacks. I n the capital, gunmen attacked the home of anadviser to President Hamid Karzai, police said. There were no immediate reports of casualties. An unknown number of gunmena ttacked Jan Mohammed K han's home in the west ern Kabul district of Karti C har, said Ashmat S tanekzai, a spokesman for the Kabul police chief. Karzai has dozens of a dvisers. T he transition to Afghan control will allow international military forces to slowly start withdrawing from Afghanistan until all combat troops are gone in just o ver three years. B amiyan only had a small foreign troop contingent from New Zealand. Bamiyan and Panjshir are the only two provinces that will be h anded over in their e ntirety during this month's transition phase. Control O ther areas to be handed over are the provincialc apitals of Lashkar Gah i n southern Afghanistan, Herat in the west, Mazere-Sharif in the north and Mehterlam in the east. Afghan forces will also take control of all of Kabul province except for the r estive Surobi district. N ot all residents of B amiyan were happy with t he handover decision, w hich they said had r esulted in increased violence in the province by insurgents seeking to make the Afghan government look bad. "From my point of view, but also the point of v iew of many in Bamiyan, the transition that occurred today was not a g ood idea at all," said B amiyan lawmaker Abdul R ahman Shaheedani. "People are very concerned about security in B amiyan right now. When several months ago they announced the areas where the first phase oft ransition would occur, a nd named Bamiyan, militant activities increased." FOREIGN TROOPS HAND OVER PROVINCE TO AFGHAN POLICE A NOTHERSTEPTOWARDSTRANSITION
$4. 68 $4. 51 $4. 69T he information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.25 $5.16 $5.22 T HETRIBUNE SECTIONB firstname.lastname@example.orgMONDAY, JULY 18, 2011 B y NEIL HARTNELL Tribune Business Editor T HE Government has b een w arned that a ny attempt to override t he Hawksb ill Creek Agreement via provisions contained in the new Customs Mana gement Act will not surv ive a challenge in the courts. F red Smith QC, the Call enders & Co attorney and p artner who has won numerous prior legal battles against the Government and Customs in rela-t ion to the latters powers, or lack thereof, in Freeport,t old Tribune Business that a ny such moves would certainly be challengedby Grand Bahama Port Authority (GBPAl icencees. While almost no one, outside the Government, Opposition MPs and the formers consultants appear to have seen the full Customs Management Bill,w hich is before Parliament a fter undergoing its second reading in the House, several GBPA licencees have expressed concern about the devil being in the detail. They are fearful that the n ew legislation will contain provisions that attempt to circumvent, or seek to override, the Hawksbill By NEIL HARTNELL Tribune Business Editor R OBIN HOODSprincipal has confirmed he is waiting for the money after a Bahamian investor group led by Hubert Pinder agreed to acquire a 48 per cent stake in the retailer, a dmitting that he absolutel y got knocked on my backside over the past year. S andy Schaefer, also R obin Hoods president, m oved to reassure that the retailer was getting back on its feet after the closure of itsP rince Charles Drive store, plus collapse of the deal to sell its food business to City Markets principals, pledging that it would be firing on all cylinders in three months time. H owever, under quest ioning from Tribune Busi ness he confirmed that there had been some recent disagreements between himself a nd former PLP MP and C abinet Minister, Leslie M iller, who is the landlord for his remaining Summerw inds Plaza store. And Mr Schaefer also admitted that the company had shed around 140-150 jobs following the closure of the Prince Charles Drive location and other downsizing. T he Robin Hood principal, who denied to this newspaper last Thursday that Mr Pinder was the i nvestor seeking to buy-out h is former partner, Miamib ased Suresh Khilnani, told this newspaper a slightly diff erent version the following day, acknowledging that Mr Pinder was the lead for an investor group. Its an all-Bahamian group that is buying, Mr Schaefer said. Its not the i ndividual you spoke of. Its a n individual that represents a group, and thats the individual you spoke of. Weve signed the agreement for 48 p er cent, and Im waiting for t he money. D eclining to identify the o ther investors, he added: Theyre substantial i nvestors in the Bahamas. Suffice it to say, if theres one good thing coming out of this in the eyes and minds of many, its that a substantial part of this retailer is coming back to the Bahamas. T ribune Business reported l ast week that Mr Pinder, and his group, had reignited t heir interest in Robin Hood a fter walking away previo usly. A team of accountants have been scouring ther etailers books on their b ehalf, conducting due diligence. N ew financing and shareholders are required to refinance Robin Hood and buyout Mr Khilnani, and his W H Trading business, after t he Miami-based businessm an and Mr Schaefer decide d to end their partnership. T he Robin Hood president, t hough, denied that Mr Khilnani had invested up to $9 million in the Bahamian retailer through a combination of loans and equity, describing that figure as completely inaccurate. Suffice to say that he will c ome out of the business sati sfied, Mr Schaefer said of Mr Khilnani. T he latters exit, though, h as forced Robin Hood to p ut together new supply chains from scratch, given B y NEIL HARTNELL Tribune Business Editor BAHAMIANconstruction industry value added plummeted 23.5 per cent) in 2010, a report by a United Nations (UN revealed, which together with a decline in private sector credit growth reflected flagging investor confidence and foreign direct investment. In its analysis of the Bahamian economy for its 2010-2011 Economic Survey of Latin America and the Caribbean report the UNs Economic Commission for the region (ECLAC revealed just how soft the construction and home market continues to be, espe cially in the domestic sector. Value added in the construction sector plummeted 23.5 per cent in 2010, miti gating the improvement in tourism, the ECLAC report said. The sharp fall in construction reflected a downturn in foreign investmentfunded projects and domestic private investment, as investors wait for the global and local recovery to strengthen. Underscoring the softness in the market, total loan dis bursements for new construction and repairs fell by 37 per cent, while mortgage commitments, an indicator of future activity, fell in num ber by 10 per cent. That pattern has continued through the 2011 first quarter, the Central Bank of the Bahamas review recently revealed, with total mort gage disbursements for the period down by 15.4 per cent year-over-year to $40.6 million. Domestic mortgage commitments for new con s truction and repairs also contracted by 31.7 per cent in number to 226, and by 20.8 per cent in value to $26.6 mil lion. Elsewhere, the 5.2 per cent increase in credit growth experienced in 2010, compared to just a 1.5 per cent rise the year before, was, according to ECLAC, driven by public sector demand for infrastructure projects, as credit to the private sector declined marginally, owing to flagging investor confi dence. The tourism and construction industries generated net repayments of $61.5 million and $11.6 million, respectively, while consumer credit also fell in numerous categories in 2010 apart from debt consolidation loans. O n the financial side, ECLAC said the Bahamas capital and financial account surplus contracted by close to 19 per cent in 2010 to $931.2 million. The erosion of the surplus, it added, resulted from a sharp decline in public sector inflows, which off set higher private sector loan inflows and a recovery in foreign direct investment inflows. In 2009, public sector inflows had benefited from a $300 million bond issue and substantial Special Drawing Rights (SDR under the International Monetary Funds (IMF global initiative, but since these extraordinary inflows By NEIL HARTNELL T ribune Business Editor KERZNERInternational (Bahamas t o assume certain functions formerly associated with the Downtown Nassau Partnerships (DNP tor role, taking on responsibility for specific projects related to the city and Bay Streets redevelopment. H ighly-placed sources familiar with d evelopments said the DNP, a partnership between the Government and private sector, had decided not to find a new managing director per se after V aughn Roberts returned to Baha Mar, but split up the posts responsi bilities. Some will be assumed by Mr Fields, but Mr Roberts will retain s ome functions, as he remains on the 11-person DNP Board, where he will be joined by the Kerzner International P R chief. Tribune Business was told, though, that the DNP had initially set out tor eplace Mr Roberts directly, and had identified in some cases, interviewed B y NEIL HARTNELL Tribune Business Editor T HE Government was reckless in failing to consult with the private sector over ther eformed Customs M anagement Bill prior to bringing it to Parliament, a PLP MP warning that it gives the revenue-collecting agency a lot 0f authority and pow e rs new to this jurisdic tion. Ryan Pinder, the PLP MP for Elizabeth, said the Opposition was very concerned over how the legi slation had been handled, as Bahamian merchants and businesses had no idea how to adjust their o perations to meet the Acts demands especially as the consultative c ommittee of private sec tor representatives that was supposed to examine GOVT RECKLESS ON CUSTOMS BILL BILL OVERRIDES TO HAWKSBILL CREEK WILL NOT SURVIVE PLP MP says Customs powers, intellectual p roperty and goods seizure rights all ne Says legislation being forced down our throats KERZNER PR CHIEF TO TAKE ON BAY STREET PROJECT BRIEF Downtown Nassau Partnership to not replace managing director, but split functions between Ed F ields and pr evious incumbent Conflict of interest concerns relating to Kerzner and Baha Mar dismissed SEE page 9B SEE page 8B RYAN PINDER, t he PLP MP for Elizabeth Got warned any such Customs Management p rovisions will certainly be c hallenged in the courts Retailer: 48% stake sale to help rise from ashes Robin Hood chief waiting for mone f rom Hubert Pinder-led group Confirms recent disagreement with l andlord Leslie Miller Staff down to 120, from 260-270 But pledges: Wll be firing on all c ylinders in 3 months SEE page 5B F RED SMITHQC SEE page 4B C ONS TRUCTION SECTOR VALUE ADDED PLUMMETED 23.5% The Bahamas current account deficit projected to widen to 15% in 2011 SEE page 5B
BUSINESS P AGE 2B, MONDAY, JULY 18, 2011 THE TRIBUNE ROYALFIDELITY MARKET WRAP By ROYALFIDELITY CAPITAL MARKETS It was an active week of trading in the Bahamian stock market. Investors traded in nine out of the 24 listed securities with one advancer. EQUITY MARKET A total of 9,763 shares changed hands, representing a decrease of 10,899 shares compared to last week's trading volume of 20,662. Colina Holdings Ltd (CHL was the advancer for the week, trading a volume of 2,280 shares to see its stock close up $0.05 at $2.55. Commonwealth Bank (CBL 4,679 shares, remaining unchanged at $6.88. Freeport Oil Holdings (FOCOL 1,400 shares, remaining unchanged at $5.50. Cable Bahamas (CAB ed a volume of 328 shares, remaining unchanged at $8.48. Bank of the Bahamas (BOB shares, remaining unchanged at $6.94. BOND MARKET No Bonds traded Earnings Releases: AML Foods (AML released its unaudited financial results for the quarter ended April 30, 2011. AML reported net income of $320,000, a slight decrease of $10,000 or 3 per cent year-over-year. AML continues to struggle amid the challenging economic conditions and highly competitive retail market. Sales of $22 million increased by $1.1 million year-over-year, while cost of sales at $15.4 million increased by $781,000 or 5.4 per cent. Management attributed this growth to an increase in average customer transactions. Earnings per share of $0.021 remained flat quarter-overquarter. Total assets and liabilities as at April 31, 2011, were $33.9 million and $17.8 million, respectively, compared to $32.7 million and $17.4 million as at their year-end January 31, 2010. COMPANY NEWS AGM Notices: Benchmark (Bahamas (BBL AGM will be held in the Victoria Room at the British Colonial Hilton Hotel on July 21, 2011, at 6.30 pm. Fidelity Bank (Bahamas (FBB will be held in the Victoria Room at the British Colonial Hilton Hotel on July 28, 2011, at 6pm. FamGuard Corporation Ltd (FAM AGM will be held in the Victoria Room of the British Colonial Hilton Hotel on August 4, 2011, at 4pm. E QUITY MARKET TRADING STATISTICS Week ending 15.07.11 BISX SYMBOLCLOSING PRICEWKLY PRICE CHANGEVOLUMEYTD PRICE CHANGE A ML$ 1.18$-021.65% B BL$ 0.18$-00.00% BOB$ 6.94$-30041.63 BPF$ 10.63$-00.00% BSLN/A$-00.00%B WL$ 2.70$-00.00% C AB$ 8.48$-328-18.93% CBB$ 8.40$-00.00% CBL$ 6.88$-4,679-1.71% CHL$ 2.50$+0.052,2806.25%C IB$ 8.60$-180-8.41% C WCB$1.82$-0.050-2.67% DHS$ 1.38$-0-13.75% FAM$ 5.40$-0-11.04% FBB$ 1.77$-0-18.43%F CL $ 5.50 $1,4000.73% F CLB$ 1.00$-00.00% FIN $ 5.40 $1 30 -25.31% ICD$ 7.30$-30630.59% JSJ $ 9.82 $160 0.00% PRE$ 10.00$-00.00%
By NEIL HARTNELL Tribune Business Editor A 1,860 contraction in a ctive Bahamas-domiciled International Business Companies (IBCs reduced fee payments to the Government by 8.8 per cent from $20.1 million to $18.3 million in 2010, a Central B ank of the Bahamas report h as revealed. A nalysing the financial services industrys 2010 contribution to the Bahamian economy, the Central Bank said that despite the fall in a ctive IBCs, there were i ndications that the activities of these entities rebounded during last y ear. The number of new net r egistrations rose by 2,388, e levating the total number of IBCs to an estimated 162,872 registrants, the report said. However, the contraction in the number of active registrants by 1,860 to 42,745 partly contributed t o the 8.8 per cent fall-off i n related fee payments to the Government to $18.3 million. Total revenues earned by the Government from the financial services industry r ebounded slightly from the $ 106.5 million five-year low h it in 2009, increasing by 4.3 per cent to $111.1 million. This was largely due to Stamp Tax payable on financial transactions, which rose by 7.9 per cent to $76.1m illion from $70.5 million in 2009, as licence and registration fees slipped slightly falling from $36 million to $35 million. While Stamp Tax on mortgage transactions fell from $13.5 million to $10.2 million, reflecting the weak housing and mortgage mark ets, the tax on gross insurance premiums increased from $13.7 million to $22.7 m illion. Government reve nues earned from other b anking transactions were r elatively flat, standing at $ 43 million in 2010 comp ared to $43.1 million the y ear before. On the licence and registration fee side, the fall-off in IBC fee revenues was offset, to some extent, by an increase in bank and trust c ompany fees from $13.7 m illion in 2009 to $16 mill ion in 2011. Elsewhere, the Bahamian investment funds industry remained relatively stagnant, the number of active funds under managementd ropping by 33 or 4.2 per cent to 755 at year-end 2010. This, though, was a slow down from the 9.1 per cent decline in active funds seen in 2009. And the Central Bank report pointed out that Bahamas-domiciled investment fund administrators increased in number b y one to 65, which was suggestive of stable employment conditions duri ng 2010. F unds under management b y administrators dropped b y 38 to 669. R egistered credit unions s tood at 14 at year-end 2010, f ollowing ones de-registration during the year. Yet, citing robust support from members, the Central Bank said total credit union assets increased by $14.4 million o r 5.6 per cent to $271.9 mill ion, a slight increase on 2 009s 5.3 per cent growth. Based on the estimates of a survey, the sectors total expenditure grew by 3.6 per cent to $6.7 million, reflecting a 1.9 per cent gain inb ase salaries and a near doubling in capital expenditures as growth in asset acquisitions offset a fall-off in administrative outlays, t he Central Bank report said. Employment in the sector increased by three to 112, compared with a one person gain in 2009, and was e xclusively Bahamian. O n the insurance side, e mployment in the sector hit 1,539 following a 1.7 per cent gain in 2009, with Bahamians accounting for 98.2 per cent of the industrys workforce. TheB ahamian component, though, declined by two persons to 1,512, while the number of non-Bahamians rose by one to 27. Given the modest falloff in employment, salaries excluding bonuses were relatively stable at $55.7 million, and the average compensation of full-time e mployees was only slightly l ower at an estimated $ 44,673 from $45,084 in 20009, the Central Bank report said. Capital spending by the insurance industry grew by $2.4 million or 26.6 per centt o $11.3 million, boosted by outlays on new premises, while miscellaneous administration costs increased by 2.8 per cent to $29.7 million. BUSINESS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 3B IBC payments decrease 8.8 per cent
that most of its product was sourced through WH Trading. Many retail sector rivals, t ogether with observers, h ave questioned whether R obin Hood, following the collapse of the City Markets deal and the partnership with Mr Khilnani, will survive in an increasingly competitive niche, a notion Mr Schaefer was at pains t o dispel. The bottom line is our sales are up double from where they were four-five weeks ago, he told Tribune Business of the Summerwinds Plaza store, adding that he had effectively returned to his roots w hen establishing Robin H ood in the Bahamas in 1999. The bottom line is that I m back to doing everyt hing myself, Mr Schaefer said. I sign every cheque; do every purchase. Imb ack to doing what I did 10 years ago. Im buying direct from suppliers, rather than g oing through WH Trading. Referring to the impending deal with the Pinder group, he added: Well be extremely well-financed. Out of every bad comes s ome good. I think were g oing to be a much leaner, k eener fighting machine, and were back to what made us strong 10 years ago. Were approaching it with renewed enthusiasm. Mr Schaefers woes have also included a very public b rush with Bahamas Customs, and being singled out for criticism by Prime Minister Hubert Ingraham no less. Tribune Business was also told that, in recent t imes, the retail entrepreneur has also become embroiled in a dispute with h is landlord, Mr Miller, r elating to rent. W hile not confirming the c ause of the dispute, Mr S chaefer acknowledged t hat the two had endured recent disagreements. Like in all relationships, which have their ups and downs, I would certainly s ay that Leslie and I are friends, he told this newspaper. We have a long-term friendship, and at moments we have disagreements. The test of the relationship i s whether we endure that. W eve had some disagreem ents recently, but like anything else, friendships disintegrate or become stronger. Id like to think our relationship will become stronger. Leslie and I are t wo strong personalities, and there are occasions when the other guy has to give in or there is some compromise. At the end of the day, I consider Leslie t o be one of my best friends. Mr Schaefer also told T ribune Business that, with t he proposed City Markets d eal a thing of the past, he h ad been able to turn his f ull attention to the busin esss operations once again. He added that several instances of external and internal theft had been discovered. S ources close to developments at Robin Hood, meanwhile, have told Tribune Business that there is high disquiet among some members of the retailers staff, especially given the r ecent cost-cutting and d ownsizing exercise, which M r Schaefer admitted had reduced the workforce from around 260-270 to 120 persons. Looking back on the past year, the Robin Hood principal acknowledged: Did I get the s*** kicked out of me? Yes, I did. Did I get knocked on my backside, absolutely. Did I deserve it? Maybe a bit. But, philosophically, good comes out o f bad. You aint seen nothing yet. You wait until were f iring on all 12 cylinders. O f the 12 cylinders, right n ow were firing on five or s ix. In three months, well b e firing on all 12. Were n ot back yet, but were definitely coming back, like the phoenix rising from the ashes. Mr Schaefer said Robin H ood did not plan to just stay in the food retail business. We plan to be Number One. He added that he was constantly seeking to cut deals with suppliers on surplus goods and disc ontinued product lines, in a bid to provide better cons umer prices. All we need to do now is win back our customers, he said, promising they were coming in droves, and that will continue. Mr Schaefer said that, r oadworks permitting, Robin Hood would seek to re-open its Prince Charles Drive store this NovemberDecember, adding that he had not given up on plans t o construct a 44,000 square foot shopping centre at the same site. It will become the retail c entre out east, and it needs it, he told Tribune Busin ess. Once the roads are done, we will go for it. We hope to start construction on the new addition in the next couple of months, the 44,000 square foot centre. Mr Schaefer said a Scot iabank branch and Sbarr os were still lined up as t enants, along with a gym and fine dining restaurants. On the hard good and appliances side, Mr Schaefer said sales were up about 250 per cent from last month, and weve not b egun to scratch the surface with what were going to do with that. Weve got container loads of goods coming in left and right, and people w ell be very pleased with what were going to do. Just give us a couple of m onths. Im back with a p assion, not a vengeance. BUSINESS PAGE 4B, MONDAY, JULY 18, 2011 THE TRIBUNE +(/3:$17('&$6+,(5t 6$/(6(56216QHHGHGIRUUHWDLOVWRUHRQ3DUDGLVH,VODQG0DWXUHDQGUHOLDEOHSHUVRQVRQO\ :LOOLQJWRWUDLQWKHULJKWLQGLYLGXDO 0XVWEHDEOHWRZRUNQLJKWVGD\VLQFOXGLQJ 6XQGD\VDQG+ROLGD\V 17(51$7,21$/%86,1(66&203$1,(6$&7 %21*(1,1& ,QROXQWDU\OLTXLGDWLRQ RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW %21*(1,1& LVLQ'LVVROXWLRQ 7 KHGDWHRIFRPPHQFHPHQWRIGLVVROXWLRQLVWKHGD\ RI-XO\ < (+&+,1*+81* DLSHLDLZDQ /LTXLGDWRU RETAILER: 48% STAKE SALE TO HELP RISE FROM ASHES FROM page one
were not repeated in 2010, public inflows contracted sharply. However, private sector loan financing created a net $115.4 million inflow in 2010, following the net outflows experienced in 2009. Net foreign direct invest ment inflows were up by 31.1 per cent to $870.6 million, a substantial turnaround from the sharp decline in 2009, ECLACs report said. Nev ertheless, foreign direct investment was driven by inflows for the Baha Mar project and the one-off trans action involving a foreign entitys capitalisation of a domestic bank. Indeed, land purchases were down, reflecting a sluggish second home market. Elsewhere, increases profit and interest repatriations by Bahamas-based compa nies, coupled with worker remittance payments, caused the income account deficit to widen by 28 per cent or $55.2 million. ECLAC added that the Bahamas current account deficit was forecast to widen to 15 per cent of gross domestic product (GDP 2011, driven by the increases in global oil prices, rising levels of imports and equipment brought in for projects such as Baha Mar. It added that this would only be partially offset by improved tourism receipts. In 2010, the current account contracted in nomi nal terms by $94 million or more than one percentage point, from 11 per cent to 9.9 per cent, while the trade deficit fell by 20.6 per cent as a result of higher tourism receipts boosting the services account. Meanwhile, ECLAC added: In a significant turn around from the 5.4 per cent decline in 2009, the services account surplus expanded by 5.5 per cent to $1.138 billion. Services inflows increased in line with a rise in net tourism receipts. Lower net transportation outflows, partly linked to higher port fees and reduced outflows for government ser vices, also contributed to the surplus, while limiting fac tors were increased net pay ments for insurance services and reduced net receipts due to offshore companies local expenses. Creek Agreement, which provides the very foundation for Freeports existence. There are signs that the Customs Management Bill could indeed have implicat ions for the Port area, given t hat both Mr Smith and Grand Bahama Chamber of C ommerce president, K P T urnquest, were both invit e d to serve as private sector representatives on the committee dealing with the leg islation a committee that never met. Nerves are on edge in m any quarters in the Bahamas second city, giv-en the recent battles with Customs over demands thatG BPA licencees both subm it monthly reports on bonded goods sales, and that they also produceN ational Insurance Board (NIB ing to ensure their annual Bond letters are renewed. O ne Freeport-based busi n essman, who requested anonymity, told Tribune Business that one aspect of the second reading presen tation by Zhivargo Laing, minister of state for finance, hinted that some provisions i n the new Bill might be an a ttempt to override, or cut across, previous court rul-i ngs on Customs powers to a udit GBPA licencees. The businessman quoted a previous Tribune report on the Bill, which said: "Customs will also undertake post-release verification and audits of released goods, s uch as those deemed dutyf ree, to inspect whether or not the goods were used for t heir conditional purposes. T his, they suggested, c ould conflict with the Supreme Court verdict won by Mr Smith on behalf ofh is client, UNEXSO, which severely constrained Customs ability to conduct snapa udits of GBPA licencees without good cause. Speaking to Tribune Busi ness, Mr Smith said: Cert ainly, to the extent that this n ew Act may have embed ded little timebombs to destroy the Hawksbill Creek Agreement, the licencees in Freeport will certainly chal lenge it. The Hawksbill Creek A greement cannot be a mended by one party, the Government passing legis lation. Whatever may be in the Act that purports, by the sidedoor, to slip in some a mendment to the Hawksb ill Creek Agreement will, I think, not survive a chal-l enge in the courts. The Hawksbill Creek Agreement is sacrosanct. The licencees and the Port Authority have constitutionally-enshrined protection of their rights under the constitution, and no amount o f twisting and turning, and m anipulation and pressure, by either the PLP or the F NM is going to take away t he rights of licencees, resi d ents and the Port Authority. Mr Smith added: I am s ympathetic, and appreciate the need to modernise and enforce tax collection stric t ures and procedures. But, in reforming, it is obviously desirable to take into account various constituen-c ies, and the Freeport cons tituency is not one that can simply be ignored. One man who has seen the Bill, PLP MP Ryan Pinder, said there appeared to be no provisions specifically identifying Freeport. Hea dded: I dont think this t ype of legislation takes precedence over the Hawks bill Creek Agreement. He agreed, though, that the issue of whether the Bill m ight attempt to override t he Agreement was a valid question, and was some-t hing that needed to be d elved into via consultation. Mr Turnquest, the Grand Bahama Chamber president, told Tribune Business in a previous interview: Im surprised they would have gone through with the Act [ Customs Management Bill] w ithout allowing us to have a look at it, but I dont k now how these things are d one. We would have loved to have an opportunity to look at the Bill and comment oni t, and see what provisions in there might affect us directly with respect to theH awksbill Creek Agreement, but without the benefit of that understanding I dont know how to respondt o it. BUSINESS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 5B By NATARIO McKENZIE Business Reporter T HE Bahamas is doing very well i n terms of anti-money laundering c ompliance, Compliance Commission Inspector Stephen Thompson said yesterday, arguing that this nation has a sound financial regulatory system. In terms of the regulatory structure in the Bahamas, I believe the regula-t ors are on top of the financial institutions which fall within remit, and Ib elieve that we have a sound financial s ervices regulatory system. The requirements are high. In fact, some m ay say they are even higher than the big jurisdictions like the United States, Canada and the United Kingdom, who are really members of the Financial Action Task Force, the body that set up the standards, Mr Thompson told Tribune Business yesterday. Thats why I take exception when p eople suggest that we are not doing well. Mr Thompson said the Bahamas is doing well in terms of its ratings. Some of our ratings are even better than some of those jurisdictions, and so from that standpoint I would say that particularly the Central Bank, which r egulates bank based on their findings, we have a sound financial services regulatory regime in the Bahamas, Mr Thompson said. While noting that the FATCA issue is not under the remit of the Compliance Commission Mr Thompson noted: There is a requirement for financ ial institutions to maintain accounting records and you cannot get away from that. That is a standard that is very high, and its only going to get stronger, so its good that they are talking about it now because its a requirement thats going to be global. Bahamas doing well in money laundering fight Bill overrides to Hawksbill Creek will not surviv FROM page one CONSTRUCTION SECTOR VALUE ADDED PLUMMETED 23.5% FROM page one
the Bill before it came to Parliament never met. M r Pinder acknowledged that the Bill had not gone forward to the Senate yet, but he questioned why the Government had indicated only now that it w anted to obtain feedback a nd recommendations on t he legislation, rather than doing this upfront before the second House of Assembly reading. A key member of the PLPs committee on for-e ign affairs and trade, Mr Pinder also urged the Government to tell thef ull story of what the Bahamas was doing on i nternational trade, given that a primary reason for passing the Customs Management Bill was to fulfill this nations obligations under the Economic Partnership Agreement (EPA a nd World Trade Organis ation (WTO s hip. Were very concerned, Mr Pinder told Tribune Business of the PLPs position on the way the Customs Management Bill had been handled. We were extremely concerned for a number of reasons. There was no private sector consultation, and asa country that depends so much on imports in the private sector, retail and wholesale businesses, to h ave these types of reforms proposed without consultation with the private sector is reckless. The Opposition MP contrasted the Governments approach now with that t aken on another highly t echnical Bill, the Secur ities Industry Act. Prior to bringing this to Parliament, the Government arranged for the Securities Commission and Ministry of Finance to brief all MPs and Senators, but this was not done for the Customs Management Bill. Describing this piece of legislation as highly technical and very robust, Mr Pinder said he had read the full 350-page Bill. We have brand new provisions d ealing with intellectual property rights, and the ability of Customs to seize and confiscate goods, Mr Pinder said. It gives Customs a lot of authority, and that is n ew to the jurisdiction. C ertainly, these provisions s hould have been discussed beforehand with the private sector. Mechanisms Describing intellectual property rights as a new form of enforcement in t he Bahamas, he added: The merchants that are i mporting goods need to know the scope of the law and enforcement mechanisms, so they can adjust t heir business accordingly. Referring to the Home F abrics retail business that h is family owns and opera tes, and which imports m ost of its products from a broad, the Elizabeth MP s aid: I can tell you that from the business point of view I was rather disap pointed in the Government over the method through which they pushed this through. I think its [the Bill] in t he Senate, but the Gov ernment said they wouldn ot bring it into force until t hey have had some cons ultation. This is a worrying trend with this government to have virtually no consultation prior to debating and passing the legislation, so as to make sure reasonable recomm endations are incorpor ated in the Bill beforeh and rather than after. Mr Pinder said one concern was a provision in the Bill that defined the scope of powers given to Customs officers. It allows them to seize/confiscate imported goods when presented with a dangerous situation. This, he explained, gave rise to questions of how a dangerous situation was to be defined. The PLP MP said this also appeared to take Customs officers o utside their normal p urview of dealing with imports and exports. A rguing that the Bill w as just sloppily drafte d, with several section numbers incorrect in cross-referencing, Mr Pin-d er said the Government appeared to be rushing to complete its legislative agenda prior to the u pcoming general election. It seems theyre forcing legislation down our t hroats in preparation for c losing the legislative sess ion. Certain things need to g et done before the election, but things are happening that, in my opinion, are sloppy, Mr Pinder told Tribune Business. The primary motivation for this Bill, in my o pinion, was to prepare f or the EPA and WTO. Thats all well and good, but you cant throw this stuff out there without consultation with industry. Were having legislation forced down our throats. Revisions Were doing fundam ental revisions to our laws in the Bahamas to accommodate that, but it doesnt make sense, and I c ertainly think the Government owes an explanation to the Bahamian busin ess community. I am a dvocate for trade, but d oing it in the right way. M r Pinder urged the I ngraham administration t o provide an update on where the Bahamas stood in fulfilling its EPA oblig ations and in the WTO accession process. Referring to previous Tribune Business articles, w hich detailed how the B ahamas had no repre sentative at the first EU-C ARIFORUM Council m eeting on the EPA, Mr P inder questioned why this nation was not showing up to meetings. H e also questioned where the Bahamas was on its EPA services offer, and said: Where are we? Tell us everything that is going on. I am told that the CARIFORUM coun-t ries are upset that the B ahamas appears to be negotiating on its own, when this is a regionalp artnership. BUSINESS PAGE 8B, MONDAY, JULY 18, 2011 THE TRIBUNE Govt reckless on Customs Bill FROM page one Share your news The Tribune wants to hear f rom people who are m aking news in their n eighbourhoods. Perhaps y ou are raising funds for a g ood cause, campaigning for improvements in the area or have won ana ward. I f so, call us on 322-1986 and share your story.
potential candidates, only to abruptly change tack and split the posts roles up betweeni ndividuals. I t is understood that a formal press release is set to be issued on these moves imminently, but Tribune Business contacts close to the situation confirmed that Mr Fields hado ffered his services pro b ono meaning, essentially, he would not be seeking financial compensation. Confirming that Mr Fields had to get the blessing of K erzner International prior t o offering for the DNP role, o ne source said he would be focused on specific projects, such as landscaping, that were key to downtown Nassaus revival. Explaining that Mr Fields w ould be detailed with a p ortfolio in terms of developing certain projects downtown, the source confirmed that the DNP was not replacing the post of chief execu-t ive [managing director]. W hen Tribune Business a ttempted to contact Mr Fields for comment on Friday, it was told that he was in a meeting with Sol Kerzner. The call was not returned,a nd nor was an e-mail mess age sent directly to Mr Fields address. However, another Kerzner International executive admitted they had heard a rumour about Mr Fields taking up such ar ole with the DNP. Several observers, though, q uestioned to Tribune Busin ess on Friday whether there might be the perception of a potential conflict of interest between Mr Fields and, also, Mr Roberts imminentr oles with the DNP and their r espective positions at Kerzne r International and Baha Mar. They argued that, if downtown Nassau and Bay Street are to be revitalised in accor-d ance with the vision already o utlined, the city could become a direct competitor to Atlantis, in particular its Marina Village facilities. That complex has attracted numerous cruise visitors in recenty ears, and has been a big factor in helping the Paradise I sland resort survive the r ecession. That, though, has left fewer cruise ship passengers to patronise Bay Street. And, with Baha Mar also set to bei n the market for cruise pass engers and planning similar f acilities and attractions to the Marina Village, it is possible the city could soon become a distant third in this market. While Kerzner and Baha M ars interest in Bay Streets r edevelopment is understandable, especially given that the formers stopovers have to pass through it to and from Paradise Island, several observers suggested there wasa perception that, through the p resence of their employees on the DNP Board, both c ould be able to influence the development of what might be considered a competitor project, in addition to receiving inside information on itsp rogress. H owever, a source close to t he DNP dismissed such conflict of interest concerns, telling Tribune Business: Thats not an issue. They [the DNP] knew this issue would arise, but that is noth appening, bearing in mind there are 11 Board members. However, they suggested t hat the moves in regard to both Mr Fields and Mr R oberts were an attempt to balance off the big companies through Board membership for both of them. There is keen interest f rom all parties to make sure t he city is moving in the r ight direction, the source said. Among the DNPs project priorities are the conversion of the current Straw Market tent site into an open, greens pace as soon as the vendors move into their purpose-built building. BUSINESS T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 9B (03/2<0(17 23325781,7<&OLHQWVt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f ([FHOOHQWZULWWHQVNLOOV ([FHOOHQWRUJDQL]DWLRQDODQGFRPPXQLFDWLRQVNLOOV 6DODU\RUHTXLYDOHQWWRFRPPHQVXUDWHZLWKH[SHULHQFH $SSOLFDQWVVKRXOGVHQGWKHLUUHVXPHDQG FRYHUOHWWHUWR $WW&OLHQWVtDUNHWV&RRUGLQDWRURVLWLRQ (PDLOGKUUHVXPHV#JPDLOFRP WASHINGTON Associated Press PRESIDENTBarack Obama intends to nominate former Ohio Attorney General Richard Cordray to lead a new consumer financial protection bureau that was a central feature of a law that overhauled banking regulations. Republicans immediately threatened to block his Senate confirmation. Obama plans to announce the nominat ion formally on Monday, the White House said in a statement Sunday. I n choosing Cordray, Obama bypassed Elizabeth Warren, a favourite of Democratic liberals and consumer groups, who has been assembling the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner. Cordray, 52, is considered a Warren ally a nd has been working with her as director of enforcement for the agency. He will make a stellar director," Warren said of Cordray. The agency will officially begin its oversight and regulatory work on July 21. Its role is to be a government watchdog over mortgages, credit cards and other forms of lending. Richard Cordray has spent his career advocating for middle-class families, from h is tenure as Ohio's attorney general, to his most recent role as heading up the enforcement division at the CFPB and looking out for ordinary people in our financial system," Obama said in a statement. Warren, who is considered the architect of the consumer bureau, faced stiff Repub lican opposition in the Senate and would have had a difficult time wining confirmation. The financial industry lined up against Warren. Bankers said a Warren-run agency would restrict new products just when companies are seeking to replace profits squeezed by the new financial rules. But Sen. Richard Shelby of A labama, the top Republican on the Senate Committee on Banking, Housing and Urban Affairs, said Republicans would block Cordray as well unless Obama seeks changes in the agency. "Until President Obama addresses our concerns by supp orting a few reasonable structural changes, we will not con firm anyone to lead it," Shelby said. "No accountability, no confirmation." Republicans fought fiercely against the creation of the bureau last year. In May, all Senate Republicans joined in a letter to Obama threatening to withhold their supp ort for any nominee to the position if the White House didn't seek significant changes to the agency. Among the changes would be to replace a single director with a board and to make the bureau's finances subject to congressional approval. Though Democrats control the Senate, Republicans could block the appointment through a filibuster a legislative maneu ver that would require 60 votes to bring the nomination to the Senate floor for a final vote. "I remain hopeful that those who want to cripple this consumer bureau will think again and remember that the financial crisis and the recession and job losses that it sparked began one lousy mortgage at a time," Warren said in a statement Sunday. Democratic Rep. Barney F rank, who shepherded the financial regulation bill through the House of Representatives last year as the chairman of the House Financial Services Committee, said he regretted that Warren had "fallen victim to such wholly unjustified political attacks." B ut Frank praised Cordray and said, "There is no excuse for Senate Republicans to refuse to confirm Richard Cordray given his clear qualifications for this job." The liberal Progressive Change Campaign Committee, which had backed Warren, issued a statement supporting Cordray. With her track record of standing up to Wall Street and fighting for consumers, Elizabeth Warren was the best qualified to lead this bureau that she conceived and we imagine Richard Cordray would agree," said the committee's co-founder, Stephanie Taylor. "That said, Rich Cordray has beena strong ally of Elizabeth Warren's and we hope he will continue her legacy of holding Wall Street accountable." But consumer advocate and one-time presidential candidate Ralph Nader called bypassing Warren "an act of political cowardliness by President Obama." OBAMA PICKS EX-OHIO AG TO LEAD CONSUMER AGENCY RICHARD CORDRAY. (AP FROM page one KERZNER PR CHIEF TO TAKE ON BAY STREET PROJECT BRIEF
INSIGHT T HE TRIBUNE MONDAY, JULY 18, 2011, PAGE 11B ATLANTIC MEDICAL INSURANCE CO.LTD. Atlantic House,2nd Terrace & Collins Avenue,P.O.Box SS-5915,Nassau Tel.326-8191 Suite 5,Jasmine Corporate Center,East Sunrise Highway,P.O.Box F-42655,Freeport Tel.351-3960A member of Colonial Group International:Insurance,Health,Pensions,LifeA health plan with Atlantic Medical protects you from large out-of-pocket bills.Atlantic Medical offers the richest benefits package for your money and a fast claims service.It is appreciated by members and providers.So why choose a health plan where benefits and choice have been reduced to maintain the price? After all, isnt health care all about choice,value and service? 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Did you realize that banks are gambling with your budget money? Since those dates, banks t hemselves have owned all the m oney in them. It is not your money anymore. The banks can do what they want with it. The money-lending operat ion of banks is no longer a fraud legally. But, the mechanism has n ot changed and thus still prod uces the same misrepresentation. Misrepresentation is a fund amental part of the onward lending of depositors' funds. Here is the root cause of b oth risk and moral hazard in t he banking system. It is this root cause we must attack to make banks completely safe. W hat are some of the most serious side-effects of the onward lending of depositorsf unds by the banks? 1 All of the money in the banks belongs to the banks not to depositors. That gives bankers enormous power. If you or your business needs money, banksc an provide it but, on their terms.If you dont meet their criteria you have no access to it. 2 One of their criteria is that you must already have sufficient other assets to repay a ny money borrowed easily, if necessary. Those without suf ficient assets (the poor t hus excluded from access to the bulk of the money-supply. Thats enough history. W hat is the position today? 1. No banks hold enough cash to meet all withdrawals s imultaneously. In 2007/2008 the Western banking and monetary systemf aced massive collapse. Why? F or the same reason the gold system collapsed. Every time banks issue new loans, theyc reate new money. T oday money is a digital figure.Banks credit the bor-r owers account with the amount of the loan. T he total deposits increase and the money supply increases. But, the amount of cash available to meet the now increasedc laims doesnt increase. No bank holds enough cash to m eet all withdrawals at the same time. When a rush occurs, banks look to lenders of last resort to bail them out. The quality of collateral h eld by many banks in the US t oday remains suspect. Many banks continue to hold toxic assets in the form of foreclosed mortgages at their original loan value.They have not been required to mark to market. They can afford toc ontinue to hold them because the Federal Reserve lends them money at the rate of 0.0025 per cent whilst banks lend it to the government at 3.5 per cent. These two combined, have hiddent he real state of too many American banks for too long. 2. The system of Central Banks as lenders of last resort has failed. B anks used to depend u pon Central Banks as lenders of last resort to bail t hem out in the event of a r ush. In 2007/2008 the Central Banks alone couldnt do it and the taxpayers had to bail them out. B ankers have always lent t o their point of imprudence i n pursuit of maximum profit. T his pursuit first destroyed the gold standard. Then it d estroyed the Central Bank s tandard. Now they are d ependent upon taxpayers. B ut, taxpayers are in revolt. Will they continue to bail out banks? I think not. I hope not. 3. The world is awash with d ebt. Yet, there is a hue and cry t o get banks to lend again. We dont need more debt. The last thing we need is more debt. What we need is m ore investment. Equity i nvestment can get the econ omy moving again without the drag of repayments.R epayments take capital back out of a company limiting its ability to grow and employm ore people. Contrary to popular belief, banks do not provide capital. They provide debt and debt is a burden. C apital is not a burden. Capital is an asset. 4. The authorities are not t rying to remove risk from the banking system. Bankers are too powerful they controla ccess to all the money and they provide governments with the loans with which gov ernments buy voters. The a uthorities are not trying to remove risk. They are merely trying further to mitigate risk i n the banking system as it is. T hey are not trying to remove moral hazard. They are merely trying further to mitigate moral hazard. Both risk and moral hazard a rise from the UK court decisions of 1811 and 1848.If you w ant your deposits in the Bahamian banking system to be safe, to be protected from the next banking and monetary collapse, both risk andm oral hazard must be r emoved from the Bahamian banking system. This will require a change of law which returns title of their deposits to Bahamian depositors. Ownership of the money in your chequea ccount must be returned to you. 5. The prospects for the US dollar are not looking good. The Federal Reserve Bank continues to print money to support government over-s pending. The effects of the money already printed have not yet fully worked themselves through into wages and prices. T he money-supply thus c ontinues to increase and, as banks begin to lend once a gain, the rate of increase will a ccelerate enormously. The value of the US dollar will then plummet to new and unprecedented lows. D o we want the Bahamian d ollar to plummet as well? I c ertainly hope not.The cost o f living will skyrocket. The social and economic conseq uences are unthinkable. I f we wish to protect the B ahamian dollar, I believe we h ave little choice but to sever our present ties to the US dollar. To make our banking and monetary system completelys afe, the Bahamian government must also enact new legi slation. To make the UK banks safe, Lord Caithness put a Bill (that I had had drafted t he House of Lords on Janua ry 30, 2008. T hat Bill was not enacted and expired at the end of the last parliament. H ad it been enacted and thus become law, the UK banks would not have failed. I n the new UK parliament, a new Bill has already been introduced to the House of Commons to return title to d epositors and the Earl of Caithness is ready to intro duce another Bill (to return t itle to the depositors) to the House of Lords following a debate on the banking sys t em. This new Bill will make a good template for legislation in the Bahamas. P assage of a Bahamian Bill to return title to depositors will reverse in the Bahamas t he effects of those mistaken j udgments made in 1811 and 1848 in the UK. Then, your cheque account deposits will once more belong to you. It will be your money not theb anks money. Banks will then have a fiduciary respons ibility to you. They will not be able to lend your money. Only you can do that. You will, of course, have to pay for the services of stor-i ng and distributing your m oney. Storing your money has never been free. You have paid for it through inflation. As I hope I have demonstrated, the largest producer of inflation is, in fact, the onward lending of depos-i tors funds. That will stop. The only inflation produced after that will be from government printing of money. The current rate of inflation is in excess of 3 per cent per annum. No bank willc harge you that to store your money for you. Most likely, you will be paying 1 per cent or less. You are currently paying d istribution fees.That will c ontinue. Banks will not be able to l end your deposits. They will n eed to set up funds in which you may buy shares or units. These funds will then make investments. They will invest t he money you transfer to t hem when you buy shares or u nits. Instead of the banks i nvesting their money, you will be investing yours. Y ou will be entitled to y our share of the investment p rofits that banks have been m aking and keeping for themselves. Your money will come out of your cheque account and enter the cheque account oft he fund in which you invested. Total deposits will not c hange. Under the new legislation, each bank will be required to maintain its own cheque account. Then, when y ou pay bank fees, that paym ent will leave your account and enter the account of the bank. T otal deposits will not change. The Bahamian dol lar will not be being debased a nd the money supply will be able to be accurately mea sured and controlled. Once the government has e nacted this new legislation and banks may no longer lend depositors' funds, there can b e no inflation in the Bahami an banking system and monetary system unless the centralb ank prints new money. What this means 1. The Bahamian banking s ystem will then become the strongest banking system in the world. 2 There will be no circum s tances under which the Bahamas will need to call upon the IMF to bail it out. The Bahamas could then withdraw from the IMF. Notm any are aware that under the rules of the IMF members m ay not back their currencies with gold. 3. The Bahamas could return to the gold standard if it so wished. A s a result, the Bahamian c urrency could become in demand as a reserve currency it certainly would be sought as a safe haven. The financial services sector would boom. Investment in the Bahamas would increase sig-n ificantly. Other currencies will continue to depreciate. The Bahamian dollar will not. The price of all imports will decrease. The price of foodstuffs, gasoline, medicinesa nd other basics will fall and wages will purchase more. Everyone will feel better as if they have had a wage increase. Existing foreign currency d ebt would be repayable with fewer and fewer Bahamian d ollars. Exports will become more expensive and that includes the costs to tourists. Tourism will need to focus m ore and more on higheri ncome tourism. They will d emand better services and t hus we will have to train our workforce accordingly. Canad a had to make similar adjustm ents when its currency j umped 50 per cent rather a bruptly. The alternate is less appetizing. The thought of remaining tied to the US dollar and allowing the Bahamian dol l ar to join the US dollar as it heads toward oblivion is very f rightening indeed. After having enacting the required legislation, there will still be an imbalance that will n eed to be addressed. At the m oment of conversion of the Bahamian banking system, the banks will still not haves ufficient cash to meet withdrawal. We in the Bahamas are v ery fortunate because the Central Bank of the Bahamas has been very careful in its supervision of banks here, a nd this shortage of cash can be easily resolved. At the end of last year, the b anks had deposits of B$1,205,033,000 in cheque accounts. They held cash ofB $113,117,000 plus deposits with the Central bank of B$518,706,000. This left them short by B$631,833,000. B anks also hold B$1,093,244 of Treasuries and other Bahamian Government s ecurities. I f the Bahamian Govern ment bought back B$631, 833,000 of those securities for cash, the banks would then hold B$1,205,033,000 ind eposits for depositors and B$1,205,033,000 in cash. B ahamian banks would then be 100 per cent free from risk and100 per cent free from moral hazard? They would be fully safe, whateverh appened to the banking syst em of the rest of the world. In addition, The government would save $30 million per year on interest costs and the banking sector would increase its profits by $33 million. In summary: 1. The world banking system is likely to suffer a much larger collapse than that of 2007/2008. Therefore, we ought to take the necessarys teps now to strengthen the Bahamian banking system. 2. The banking system needs to be fully protected because we use it to store our m oney the money we set a side to meet our family and our business budgets. We n eed it stored safely both f ree from theft and free from loss of purchasing power. 3. We can and should strengthen and protect the B ahamian banking system by p assing new legislation which r eturns title of their deposits t o depositors and liquidating sufficient bank investments to e nsure that banks hold suffic ient cash to return every d eposit simultaneously. 4 The Bahamian dollar is currently tied to the US dollar. The US dollar has been falling in value and, as a result, so too has the Bahami a n dollar. I believe the US dollar is set to fall precipit ously. Do we wish to allow the Bahamian dollar also to fall precipitously? I do not. I hope you too, do not. I h ope the government does n ot. 5. The Bahamas can withdraw from the IMF. 6 The Bahamas could return to the gold standard. 7. Economic growth could t hen continue in the Bahamas regardless of the state of the rest of the world. All of the above is achiev a ble if we can encourage the government to pass legisla tion to return title of their d eposits to depositors. Once this is accomplished and the banks are fully pro t ected, we will still have to remain vigilant and pro-active to ensure that an open and free market is developed andm aintained. This is a necessary precondition for all the remain i ng economic benefits to o ccur. PROTECTING BAHAMIAN BANKING SYSTEM FROM NEXT GLOBAL COLLAPSE F ROM page 12B
T T H H E E S S T T O O R R I I E E S S B B E E H H I I N N D D T T H H E E N N E E W W S S M M O O N N D D A A Y Y , J J U U L L Y Y 1 1 8 8 , 2 2 0 0 1 1 1 1 By JOHN TOMLINSON From a speech delivered to the Nassau Institute WITH the current threats to the state of world economies: Sovereign debt at levels unprecedented, Governments unable or unwilling to deal with levels of expenditure, Taxpayers beginning to revolt, Gold at an all-time high, and Highly destructive natural disasters on the increase, who knows what event is going to trigger the next collapse? We can only be confident that something will. When it does, we can also be confident that American Banks will, once more, be found to be wanting. They remain holding massive levels of sovereign debt. Massive levels of toxic mortgages still remain on their books. A new avalanche of foreclosures is heading in their direction. In Europe, Greece approaches another bail-out, Portugal is receiving one and other countries are on watch. The world is awash with debt: sovereign debt, corporate debt and personal debt are each at record and barely manageable levels. No banking system is currently risk free. That includes the Bahamian banking system. Although it, along with Canada, managed to survive the downturn of 2007/2008 reasonably well, as the Bahamian banking system is currently structured, it too, is subject to failure. The next international banking collapse, however, is likely to be massively larger and more severe. Can we protect our banks and our deposits? Yes, I believe so. Before we attempt to look at solutions, however, I would like briefly to review the history of money and banking so that we may better understand what needs to be done. Historical Perspective God did not create money. Man did. Money is not some God-given inexplicable entity over which we have no control. Man created money in response to having settled on the land and making human beings dependent on exchange for survival. If there are problems with money we can and must sort it out ourselves. One of the requirements for any fair market is an accurate measure of exchange value. We need to know what the fair val ue of the product of our own expenditure of energy is compared to the fair value of the product of someone elses energy. Bar ter In the first instance we judged through barter. Barter, of course, didnt work for every exchange and the need soon arose for a commonly accepted medium of exchange. Accuracy of the measurement of exchange value was and remains the key to fair exchanges. Many products were tried. Some deteriorated over time and their exchange value dimin ished. Eventually gold became accepted throughout the world as the most accurate and useful product or commodity to use. 1. It did not deteriorate over time. 2. It is homogeneous. Therefore, it can easily be divided into smaller portions of equal purity and used for exchanges of smaller exchange value. 3. It is scarce. Therefore it takes a great deal of human energy to find and refine. I n most matters gold has the attributes of a successful medi um of exchange. That is why gold lasted for centuries as the most trusted and most accurate money. Security was another thing altogether. If you had one gold coin, you could carry it with you and sleep with it and protect it.Ten got a bit lumpy! One hundred became downright uncomfortable. Even for one hundred gold coins, it might not have been practical to build a strong room or a strong box. People began to consider where to store their gold coins safely. Goldsmiths had sufficient stocks of gold to be able to afford to build a strong room. They stored their gold on shelves in their strong rooms. Some of them had extra space on their shelves. Some people began to store their gold on the shelves of their local goldsmith and goldsmiths would charge them a storage fee. The goldsmith would give each person who stored gold with them a receipt for the amount of gold stored and a form, upon which they would accept instructions to deliver that gold, or part of it, to some one else. Today, we call that form a cheque. Those who stored their gold on the shelves of their goldsmith found it very convenient and believed it to be secure. The practice grew. A shelf in those days was known as a bank. The gold smiths who stored gold for others eventually became known as bankers and their business es as banks. As their businesses grew and more and more people stored their coins with them and their shelves became fuller and fuller, bankers soon noticed that, as people brought new coins for storage and others withdrew their coins or issued cheques which the bankers honoured by giving coins to the payee, only the first few rows of coins moved. Some came and some went from these first few rows but the coins at the back remained on the shelves and did not move. Coins Bankers, driven by their own greed, soon began to take some of the gold coins which sat at the back and loaned them to earn themselves usury or interest as we call it today. They reasoned that no-one would be the wiser and that they could return them before the people to whom they belonged might notice or claim them back. The bankers who did this knew full well that what they were doing was wrong, fraudu lent and illegal. They also knew that, if this treachery were to be discovered, they would no longer be trusted to store other peoples gold. Therefore they developed the practice of always behaving impeccably; always appearing to be circumspect and extremely prudent. This was the beginning of the need to maintain confidence in banks. Of course, the reason it became necessary to maintain confidence in banks was that, upon examination, there was absolutely no reason whatsoever to be confident. The banks were misrepresenting the amount of gold they had on their shelves and for which they had issued receipts. What fraud? What misrep resentation? You may well ask. Well, the person who received the borrowed gold coin would have bought something with it and the seller would have received the borrowed gold coin in the exchange. The seller would have lodged this borrowed gold coin with the bank for safekeeping. The seller would then have received a new receipt for the borrowed gold coin. But, the original depositor would also still have his receipt for the same gold coin. Thus, the banker would have issued two receipts against the same gold coin. That is a clear misrepresen tation, and a clear fraud. As the volume of deposits increased, bankers began to issue standard receipts. They would pre-print a number of receipts for, perhaps one, two, or three gold coins payable to the bearer. When one or more gold coins was deposited, bankers would give the depositor one of these pre-printed receipts with the precise number of gold coins already printed on it. In the belief that these preprinted receipts were fully backed and freely exchange able for gold, people soon began to trade these receipts rather than the gold itself. Of course, banks soon began to lend their paper notes as well as gold coins and when the recipient deposited the paper notes in the bank, the bank would issue them with a receipt for the paper money. Thus, banks would have issued three receipts against the original gold coin deposited. The fraud became larger. Today there are few limits to the amount of mis representation that is permitted. From the day the first banker loaned the first of his depositors gold coins, it was impossible to reconcile the total of all receipts issued with the amount of gold available to honour them. The gold-backed monetary system was finally destroyed by this impossibility. At each stage in this destruc tive process, gold itself was blamed by the bankers for being too restrictive on their ability to lend. The reality was that banks were too busy producing fraudulent receipts purporting to represent more gold than the banks or even Fort Knox actually held. In 1811 and 1848, two judicial decisions in the UK legit imized this fraudulent practice by determining that the instant C ANADIAN JOHN TOMLINSON i s pictured speaking at the Nassau Institute. Mr Tomlinson is an Oxford based economist who spent years studying the effect of debt on the economies of developed and less developed countries. A Bill he draftedmandating fundamental changes to the UK banking system was introduced in the House of Lords by The Earl of Caithness in 2008, and he has just submitted testimony t o the Independent Commission on Banking set up by British Prime Minister David Cameron. SEE page 11B ECONOMISTSPEAKSATTHENASSAUINSTITUTE
By RENALDO DORSETT Sports Reporter email@example.com T he final day of the XXIII S enior CAC Track and Field Championships produced a gold rush for t he Bahamas as the team more than doubled its medal count. T he Bahamas finished with a total of 10 medals, including five golds, all won during the final day of competition yesterday at the meet in M ayaguez, Puerto Rico. B ianca Stuart won the first gold for the Bahamas at the meet with a leap of 6.81 to win the women's longj ump. She tied the CAC Championship record previously set by Elva Goulbourne of Jamaica in 2003. S tuart's closest competitor, Arant xa King of Bermuda, jumped 6.47m f or silver and Yvone Trevino of the Mexico was third with 6.30m. S tuart opened with fouls on her first two attempts and let 6.38m on her third attempt to take first place. T he 200m proved to be the most s uccessful event for the Bahamas as it netted three medals for the team, i ncluding two goals. In the women's event, Nivea Smith took the gold medal in 23.18s followed by Anthonique Strachant o give the Bahamas a 1-2 finish in 23.29s. Anastacia Leroy of Jamaica was third in 23.43s. B oth runners easily advanced to the final by winning their respective heats. Smith took heat one in 23.18s,w hile Strachan followed to win heat t hree in 23.29s. In the men's event, despite the disappointment of Demetrius Pin d er out of the event, Michael Mathieu ran to a gold medal finish in 20.60s. Rondell Sorillo of Trinidada nd Tobago was second in 20.64s and Jason Young of Jamaica third in 20.78s. Mathieu took heat one in 20.64s, w hile Pinder won heat four in 20.70s. The men's 1600m relay team end ed competition on the track with yet a nother gold medal for the Bahamas. The team of Latoy Williams, Avard Moncur, Mathieua nd Miller finished in 3:01.33s. Trinidad and Tobago finished second in 3:01.65s while Jamaica was third in 3:02.00s. T revor Barry also took first place in the men's high jump. Other events on day three included the women's 1 00mH final, where the Bahamas fielded a pair of sprinters, Ivanique Kemp who finished sixth in 13.37sw hile Petra McDonald was eighth i n 13.84s. In the men's triple jump, Jamal Wilson was seventh with his lone mark of the day, 15.14m. THETRIBUNE SECTIONEMONDAY, JULY 18, 2011 INSIDE TRAK T T U U R R N N T T O O 5 5 E E . . . T T U U R R N N T T O O 2 2 E E . . . T T U U R R N N T T O O 3 3 E E . . . JAPAN WINS 1ST WORLD CUP TITLE IN SHOOTOUT FLAG FOOTBALL A BLAST AT DARLING FAMILY DAY BAHAMAS FALLS TO MEXICO IN BRONZEMEDAL GAME ON HIS 20TH TR Y CLARKE WINS THE BRITISH OPEN VOECKLER: IN YELLOW BUT ZERO CHANCE OF TOUR DE FRANCE WIN URUGUAY OUSTS ARGENTINA ON PENALTIES T T U U R R N N T T O O 7 7 E E . . . T T U U R R N N T T O O 4 4 E E . . . T T U U R R N N T T O O 5 5 E E . . . CAC Athletics Championships, Puerto Rico ... By RENALDO DORSETT Sports Reporter firstname.lastname@example.org OVER the first two days of competition at the CAC Senior Track and Field Championships in Mayaguez, Puerto Rico, the Bahamas racked up a total of four medals led by one of the countrys top quartermilers and capped by a dynamic relay squad. Quartermiler Ramon Miller won the first medal for the Bahamas near the end of day one when he ran to a second place finish in his signature event in 45.56s. Renny Quow of Trinidad and Tobago took first place in 45.44s and Erison Hutault of Dominica was third in 45.93s. Andrae Williams fin ished sixth in 46.69s. In the morning session, Miller ran 46.11sec to win heat two while Williams ran 46.48sec for fourth in heat one to advance to the 400m final. Raymond Higgs won the first medal for the Bahamas in the field with a third place finish in the mens triple jump. Higgs leapt 7.75m for the bronze behind Tyrone Smith of Bermuda (8.06m Forbes of Jamaica (7.81m Katrina Seymour,18, won a bronze medal in the womens 400mH in 57.24s. Seymour was just nipped at the line by Yolanda Osana of the Dominican Republic who finished second in 57.23s and Andrea Sutherland of Jamaica who won in 56.75s. In the women's 400m relay, the team of V'Alonee Robinson, Cache Armbrister, Nivea Smith and Anthonique Strachan finished third in 43.74. Trinidad and Tobago took first place in 43.47s followed by Jamaica in 43.63s. Other competitors to take to the field over the weekend included: In the women's 400m, Cache Armbrister ran 54.26sec and Lanece C larke 54.32sec, not advancing to the final. V'Alonee Robinson ran 11.98sec to finish sixth in the first heat of the 100m. In the third heat of the men's 100m, Adrian Griffiths placed second in 10.47sec to advance to the final. In the final, he finished sev enth in 10.35s. Trinidad's Keston Bledman won the event in 10.05s, followed by Daniel Bailey of Antigua in 10.11s and Dexter Lee of Jamaica in 10.18s. In the middle-distance running segment, Hughnique Rolle finished 10th in the 1500m in 4:58.55s while in the men's event, Oneil Williams fin ished 12th in 4:00.69s In the women's triple jump, Tamara Myers finished sixth with a leap of 12.45m. In the 800m, Wesley Neymour failed to reach the final when he finished sixth in heat two in a time of 1:54.07. In the men's 400m relay, Warren Fraser, Griffith, Rodney Green and Jamial Rolle just missed the medal podium when they finished fourth in 39.46s. Ramon Miller gets silver in 400 Bronze for womens relay team, Ra ymond Higgs, Katrina Seymour SHOWN (l-r Ramon Miller in the 400m. (AP Photo The gold rush Bahamas finishes with 10 medals, including five golds GOLDEN OPPORTUNITY: Bianca Stuart competes in the long jump finals during the Central American and Caribbean Athletics Championship in Mayaguez, Puerto Rico, on Sunday. (AP Photo
F IELD PLAY: B ahamian professional football player Devard Darlings Darling Family Day a one-day fundraiser with activities for the entire family was put on at D W Davis Saturday. Activities included af lag-football tournament (photo highlights above SPORTS PAGE 2E, MONDAY, JULY 18, 2011 TRIBUNE SPORTS P h o t o s b y T i m C l a r k e / T r i b u n e s t a f f Flag football a blast at Darling Family Day
By RENALDO DORSETT S ports Reporter r email@example.com PERHAPS not the desired end to the tournament as anticipated, but a return to international competition f or the Bahamas junior womens n ational basketball team produced a n appearance in the medal round and displayed the programmes potential as a regional contender. The Bahamas finished the FIBA Centrobasket Women's U-17 Cham-p ionships in fourth place last night after losing the bronze medal game to Mexico, 80-46, at the Fernando" Rube" Hernndez Coliseum in Gurabo, Puerto Rico. Brea Forbes had a breakout game w ith a team high 19 points with seven rebounds, three steals and two blocks. K aylicia Laing finished with her b est all-around game of the tournam ent with eight points, seven rebounds and five assists. T aneka Sandiford finished with nine points and four rebounds while Serena Brown added four points ande ight rebounds. Y amel Alvarez led the Dominican Republic and all scorers with 26 points. Frabel Rodriguez finished with 17 points and 14 rebounds while Anyelina Rosario added 12 pointsa nd nine rebounds. The Bahamas fell behind early at the end of the first quarter and trailed 25-8 early on. The Dominicans led 40-16 at the half and maintained a 58-34 lead h eaded into the final period. T he Bahamas team got its first a nd only victory of the tournament F riday night when they beat G uatemala, 48-39. Sandiford had a fantastic game for the Bahamas and was one of two players to finish with a double double 17 points, 14 rebounds and three blocked shots. Laing added another double double with 13p oints and 11 rebounds. In the second semi-final game, with a berth to the gold medal championship game on the line, theB ahamas came up well short against Mexico, 85-33. From the opening tip, the Mexic ans showed their superiority in all aspects of the game, winning the firstq uarter 33-0. The first half ended 4 7-4. A s has happened throughout the tournament, Mexico had a balanced attack with six players scoring in d ouble figures, including Ana Bernal that led the game with 14 points and 14 rebounds. T he Bahamas last competed in the C entrobasket Under 17 tournament in 2009 but finished with a disappointing 0-5 record. In 2010, the financially strapped BBF opted not to field the two junior squads to the CentrobasketC hampionships. Instead, the organisation used the time period to rebuild all of the national teams. B y RENALDO DORSETT Sports Reporter firstname.lastname@example.org T ODAY marks the start of one of the countrys longest standing basketball events on the summer sporting calen dar. For the 16th consecutive y ear, Minister Carlos Reid and his Youth Against Vio lence organisation is providi ng an alternative to crime by staging the annual Nelson Cooper 'Peace On Da Streets' Basketball Tournament. T he tournament, which started in 1995 as the National Park League Championships, is held in memory ofthe late Cooper former leader of the Border Boys gang who had made a change in his life and was wit nessing in Masons Addition when he was gunned down. "This basketball tournament is an effort to continue the work of Nelson Cooper and Youth Against Violence to help keep our youth off the street," said Reid, who has dubbed it "Shoot basketballs instead of guns." Scheduled for July 18-22 at the Kendal Isaacs Gymnasium, the tournament will com prise of the 16-and-under, 18and-under, Church and Open divisions. Reid said if there is interest in the women's division, theywill include them as well. As usual, a Family Night is set for 5pm Friday (July 22 and it will feature the cham pionship games, the Sunshine Auto sponsored 3-point Shoot Out and the Phil's Food Services sponsored Slam Dunk Contest that was showcasedon ESPN last year. The highlight of the night will be the Celebrity game between the Members of Par liament against the Pastors. Last year, the pastors won but this year Reid said the politi cians have assured them that they will be out for revenge. "Our classic has become the most highly anticipated summer event in New Provi dence and over the past several years, we have attracted some college coaches from the US who come down with the hopes of offering scholarships to some of our young players," Reid said. A number of sponsors, including Furniture Plus, Phil's Food Store, BTC, Chevron, Colina General Insurance, Thompson Trading, Original Patties, First Caribbean Bank, JMEL Commonwealth Bank, Roy al Star Assurance, Royal B ank of Canada, Sbarro, Fidelity Bank, Family Guardian, JS Johnson, Munnings Ruiz Accountant, Lennox Paton, NPCC, Micronet, Bahamas FirstI nsurance, Scotiabank, More F M, JCN, Island FM, The Tri bune, The Guardian/Star, Gems, ZNS, Sports Radio,E sso, John Bull, Sports Lock er, Cable Beach Manor, Crystal Select, Vitamalt, Bahama sair, Dominoes, The Sports Centre, Baha Mar Resorts, the Commissioner of Policea nd the Royal Bahamas Police Force and Destinations. Dawn Forbes, Furniture Plus sales and store operation manager, said they are once again pleased to be the spon sor of the tournament, having done so from its inception. Our founder Tyrone Darville actually wanted to be a part of it because it is a worthy cause," she said. "Anything we can do to sup port that, we are very, very h appy to do that and we will c ontinue to sponsor the event for many years to come." Katie Carter, the operat ions assistant at Furniture Plus, added that "we hope to see many young persons being a part of the tournament this year and also the years to come. It does help positively in our community at large, based on the crime and violence that has been occurring in our country." Deanza 'Sonny' Cox II, the owner of Sunshine Auto, said after he decided to take a break from the sponsorship of the night league, he gladly a ccepted Reid's invitation to be a part of the Peace On Da Streets tournament. "I had the pleasure of visit ing the Hope Center this year for the first time and evers ince I've been going there," s aid Cox II of the programme that Reid operates as a min ister of the gospel. "I like w hat he is doing for the youths and for basketball. Basketball is something that I really love. Next to cars is basketball. I just want to say thanks to Carlos Reid. Ia ppreciate it." Cox II's assistant, Dion 'Lil Man' McPhee, said when he really found out the story behind the tournament, he was more impressed with the tournament and he will con tinue to lend the support of Sunshine Auto. SPORTS TRIBUNE SPORTS MONDAY, JULY 18, 2011, PAGE 3E 16th Nelson Cooper Peace On Da Streets bask etball tournament set to start today BAHAMAS fourth, falls to Mexico 80-46 in bronze-medal game FIBA Centrobasket Womens U-17 Championships PEACE ON DA STREETS: M inister Carlos Reid, president of Youth Against Violence, speaks to the media about the 16th annual Nelson Cooper Peace On Da Streets Basketball Tournament. G OOD GAME: T aneka Sandiford ( file photos) h ad a fantastic performance for Team Bahamas in FIBA Centrobasket Womens U-17 Championships. The Bahamas ended up in fourth place after losing the bronze medal game to Mexico, 80-46.